(WXYZ) — Simon Property Group announced Monday that it has entered into an agreement and will acquire Bloomfield Hills-based Taubman Group, with the Taubman family selling about 1/3 of its ownership interest at the transaction price.
According to a press release from both companies, Simon Property Group will acquire 80 percent ownership interest in the Taubman Reality Group Limited Partnership (TRG).
Right now, TRG owns 24 different shopping centers including Great Lakes Crossing Outlets and Twelve Oaks Mall.
According to the companies, TRG will continue to be managed by the company's executive team under the leadership of Taubman President, Chairman and CEO Robert S. Taubman, A. Alfred Taubman's son.
A. Alfred Taubman founded The Taubman Group in 1950 and the company is still headquartered in Bloomfield Hills.
"Since Taubman Centers' founding 70 years ago, we have built a portfolio of high-quality assets and continuously adapted to the evolving retail landscape. I am proud of all that this company's talented employees have achieved and am thrilled to have the opportunity to join together with Simon through this joint venture," Robert said in a release. "Over the last few years, David and I have developed an excellent personal relationship and importantly, Simon shares our commitment to serving retailers, shoppers and the communities in which we operate. The Board and I are confident that Simon is the ideal partner to help us build on our progress."