TAUBMAN CENTERS, INC. (NYSE:TCO) Files An 8-K Other Events
Item 8.01.OTHER EVENTS.
On February 14, 2019, Taubman Centers, Inc. (the Company) issued a press release announcing agreements to sell 50 percent of its ownership interests in Starfield Hanam, CityOn.Xi’an, and CityOn.Zhengzhou to funds managed by The Blackstone Group L.P. (Blackstone). Upon closing, the Company will retain a 17.15 percent, 25 percent, and 24.5 percent ownership interest in Starfield Hanam, CityOn.Xi’an, and CityOn.Zhengzhou, respectively. The interests to be sold are valued at $480 million, with net cash proceeds expected to be about $315 million, after transaction costs.
The transactions have been approved by the Board of Directors of the Company. They are subject to customary closing conditions and are expected to close throughout 2019.
A copy of the press release is attached as Exhibit 99 to this report and is incorporated herein by reference.
Item 9.01.FINANCIAL STATEMENTS AND EXHIBITS.
(d)Exhibits
TAUBMAN CENTERS INC Exhibit
EX-99 2 form8k2132019-exhibit99.htm EXHIBIT 99 Exhibit Exhibit 99Taubman Centers,…
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About TAUBMAN CENTERS, INC. (NYSE:TCO)
Taubman Centers, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company’s segment is focused on owning, developing and managing regional shopping centers. The Taubman Realty Group Limited Partnership (TRG) is a partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties. The Company’s portfolio of operating centers consists of approximately 19 urban and suburban shopping centers in over 10 states and Puerto Rico. The consolidated businesses consist of shopping centers and entities that are controlled by ownership or contractual agreements, The Taubman Company LLC (Manager), and Taubman Properties Asia LLC and its subsidiaries (Taubman Asia). Its centers are located in metropolitan areas, in communities, including Denver, Detroit, Los Angeles, Miami, Nashville, New York City, Orlando, Salt Lake City, San Francisco, San Juan, Sarasota, St. Louis, Tampa, and Washington, D.C.
