Taubman To Sell Seven Malls To Starwood Capital Group
Transactions Valued at $1.4 Billion Taubman Centers, Inc. (NYSE: TCO) and Starwood Capital Group ("Starwood"), a leading global private investment firm, today announced a definitive agreement whereby Starwood, through a controlled affiliate, has agreed to purchase a portfolio consisting of seven Taubman malls. The sale is part of Taubman's ongoing strategy to recycle capital, maximize its NOI growth rate and create net asset value for investors over time. "Given today's investor interest in high quality regional malls, we have taken advantage of the opportunity to further enhance our growth and valuation, while increasing our industry leading productivity and modestly reducing the size of our base," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "As a result of these sale transactions, the company's development and redevelopment pipeline will have an even greater impact on our growth." Taubman Centers currently owns, leases and/or manages...