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Stock Market & Financial Investment News

News Breaks
June 18, 2014
09:11 EDTTCOTaubman Centers to sell seven malls to Starwood Capital Group for $1.4B
Taubman Centers and Starwood Capital Group announced a definitive agreement whereby Starwood, through a controlled affiliate, has agreed to purchase a portfolio consisting of seven Taubman malls in Virginia, North Carolina, Florida, Texas and Michigan. Consideration totaling $1.405B before transaction costs includes $785M of cash and $620M of property-level debt that will be repaid or assumed at closing by the buyer. Taubman's share of cash and property level debt are expected to be $765M and $595M, respectively. Closing is expected to occur in Q4..
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