(WXYZ) — A deal was finalized in the sale of Bloomfield-based Taubman Group to Simon Property Group, Inc., which has acquired 80 percent ownership interest in The Taubman Realty Group Limited Partnership (TRG).
RELATED: Simon Property Group to acquire Bloomfield Hills-based Taubman Group
Metro Detroit's Great lakes Crossing and Twelve Oaks mall were two of 24 different
shopping centers under TRG.
"We are very pleased to complete this transaction and to add some of the world's premier retail assets to our portfolio," said David Simon, Chairman, Chief Executive Officer and President. "This investment will enhance the ability of TRG to establish innovative retail environments for consumers and to create new job prospects for the communities in which it operates. I look forward to partnering with the Taubmans in this exciting new joint venture, and to driving strong performance at TRG's properties."
News of the deal was released earlier this year in February, just ahead of the statewide lockdown due to the pandemic in March.
Robert Taubman, Chairman, President and CEO of TRG, stated, "David and I share a vision for optimizing TRG's assets and a strong commitment to our shoppers, retail partners and communities. I am excited to work with the entire Simon team as we share ideas and implement best practices to enhance the operations and cash flow of our new joint venture."
