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Taubman sells seven malls to Starwood



An affiliate linked to Starwood Capital Group is set to purchase a portfolio of seven malls in five different states from Taubman Centers Inc.Starwood Retail Partners is set to pay $785m in cash and either assume or repay $620m in debt for this deal.

The deal has been approved by the board of directors of Taubman and its closing date is set for the fourth quarter. The malls included in this transaction are: MacArthur Center, Norfolk, GLA – 937000 sg. ft; Stony Point Fashion Park, Richmond, GLA – 662000 sq. ft; Northlake Mall, Charlotte, NC – 1.07 million sq. ft; The Mall at Welling Green, Wellington, GLA – 1.2 million sq. ft; The Shops at Willow Bend, Plano, GLA – 1.38 million sq. ft; The Mall at Partridge Creek, Clinton Township, GLA - 600000 sq. ft; Fairlane Town Center, Dearborn, GLA – 1.97 million sq. ft. 

This transaction which is capitalizing on the need for high-end quality malls by investors, forms part of Taubman’s effort to fund new development, increase net asset value and maximize its portfolio’s performance. The purchase will expand the retail holdings of Starwood to 28 properties with a total of 26.8 million ftІ in 15 states.




More about shopping malls in the USA



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Olympia Einkaufszentrum GLA:602 779 SF
ADDRESS: Hanauer Straße 68, 80993
Germany . Munich
Olympia Einkaufszentrum
Viaport Outlet GLA:748 092 SF
ADDRESS: Yenisehir Mah. Dedepasa Cad. No:19 Via Port - Pendik
Turkey . Istanbul
Viaport Outlet
Mall of Tripla GLA:914 932 SF
ADDRESS: Veturitie 13
Finland . Helsinki
Mall of Tripla
Hillcrest Mall GLA:585 758 SF
ADDRESS: 9350 Yonge St, Richmond Hill, ON L4C 5G2
Canada . Richmond
Hillcrest Mall


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