Under the terms of the deal, Simon would acquire an 80 percent stake in Taubman Realty Group, a subsidiary of Taubman Centers, which owns and operates the 26 properties in its portfolio. mall owners Simon Property Group and Brookfield Property Partners are close to finalizing an 800 million deal to rescue the embattled department store chain J.C. Simon Property Group, operator of 325 retail properties covering some 22,400,000 square meters (241,000,000 square feet) globally, offered to buy out Taubman at $52.50 a share back when the deal was signed by the real estate investment trusts. Shares of Simon Property Group stock fell 4 percent to $83.01 per share, while Taubman Center shares tumbled 20.1 percent to $36.17 per share. ABG and Simon Property Group each took a 37.5 ownership stake while Brookfield. Mall Stocks Tumbleīoth companies saw their stock values fall Wednesday on the NYSE after the announcement went public. In February, Simon Property Group, ABG and Brookfield finalized the acquisition of fast fashion retailer Forever 21. In an email response to Mingtiandi, Taubman said it still considers Simon “bound to the transaction in all respects,” contending Simon’s attempt to terminate the agreement is “invalid and without merit.” A spokeswoman declined further comment. Simon Property Group SPG and Jamestown, a global real estate investment and management firm, recently announced a strategic partnership, which is expected to materialize before the end of. “The COVID19 pandemic constitutes a material adverse effect because it has had a uniquely devastating and disproportionate effect on Taubman compared with other participants in the retail real estate industry,” the complaint alleged.
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