Taubman and Macerich to Acquire Country Club Plaza
Taubman Centers, Inc. (NYSE: TCO) and The Macerich Company (NYSE: MAC) today announced an agreement to purchase Country Club Plaza (Kansas City, Mo.) from Highwoods Properties, Inc. (NYSE: HIW). This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160104006471/en/ Country Club Plaza , Kansas City, Mo. (Photo: Business Wire) The purchase price for the mixed-use retail and office property is $660 million cash, excluding transaction costs. Taubman and Macerich will each have a 50% interest in the center, which will be jointly managed by both companies. Concurrent with or shortly after closing, a long-term, fixed-rate loan for 50-60% of the purchase price is expected to be placed on the asset. “Taubman and Macerich are bringing our collective expertise together to continue to ensure the long-term growth and success of the iconic Country Club Plaza ,” said Robert S. Taubman , chairman, president, and chief executive officer of...