Blackstone to Acquire 50% of Taubman Interests in Three Asia Shopping Centers
02.15.19
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The Firm is representing Blackstone in its acquisition of 50% of Taubman Asia’s interests in three Asia-based shopping centers – Starfield Hanam, CityOn.Xi’an and CityOn.Zhengzhou (located in Hanam, South Korea; Xi’an, China; and Zhengzhou, China, respectively). Taubman Asia is a subsidiary of Taubman Centers, Inc. (NYSE: TCO), an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the U.S. and Asia and one under development. The interests to be acquired by Blackstone are valued at US$480 million, with net cash proceeds to Taubman expected to be approximately US$315 million. The transactions are subject to customary closing conditions and expected to close throughout 2019.
The Simpson Thacher team for the transaction includes Tony King, Jonathan Hwang, Jenny Qi, Lin Ma and Cynthia Mo (Real Estate); Meredith Jones, William Smolinski and Kelli Rivers (Tax); and Étienne Renaudeau and Preston Miller (Antitrust).