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Stock Market & Financial Investment News

News Breaks
January 31, 2014
08:32 EDTSPG, TCOTaubman Centers sells Long Island, Arizona land to Simon Property
Taubman Centers (TCO) announced the completion of the sale of land owned by Taubman in Syosset, New York, and Taubman's interest in Arizona Mills to Simon Property (SPG). The consideration, excluding transaction costs, consisted of $60M of cash and 555,150 partnership units in Simon Property Group Limited Partnership. The number of partnership units issued was determined based on a value of $154.91 per unit. As part of the sale, Taubman will be relieved of its $84M share of the current $167M mortgage loan on Arizona Mills, bringing the transaction's total value to $230M.
News For TCO;SPG From The Last 14 Days
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August 25, 2015
09:03 EDTSPGSimon announces plan to build Hartford Premium Outlets
Simon announced it submitted earlier this month an Application for Rezoning with the Town of Windsor Locks Planning and Zoning Commission, beginning its development activities on Hartford Premium Outlets. Hartford Premium Outlets will be located near the intersection of Route 20 and I-91 on Old Country Road. Phase One of the value shopping landmark will consist of 350,000 square feet of retail space, a Market Hall complete with a variety of dining options, and two notable restaurants on the property's perimeter. The architectural style of the center will be inspired by Classic Colonial and Connecticut rural architecture, so that the village-like setting will be reminiscent of a Windsor Locks community. Visitors will find numerous pedestrian promenades which will include fountains, art, a children's play area, and an outdoor fireplace. The project is anticipated to begin construction in fall 2016 with a Grand Opening to occur 13 months after construction start.
August 24, 2015
08:14 EDTTCOTaubman Centers upgraded on growth outlook, valuation at Oppenheimer
As noted earlier, Oppenheimer upgraded Taubman to Outperform from Perform. The firm thinks that more bad news about the company's developments is unlikely to surface, since some projects have opened and others have progressed significantly. It believes that the stock provides "an attractive combination of growth and value." Target $85.
06:38 EDTTCOTaubman Centers upgraded to Outperform from Perform at Oppenheimer

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