Taubman Centers, Inc., 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, announced it has sold a 50 percent of Taubman Asia’s interest in CityOn.Xi’an shopping center in Xi’an, China to real estate funds managed by Blackstone Group Inc. for $91 million.
Net proceeds to Taubman are expected to be approximately $51 million following the allocation of property-level debt, taxes and transaction costs. Following the sale, Taubman will own a 25 percent beneficial interest in the shopping center.
CityOn.Xi’an is the regional shopping center component of Xi’an’s new business and administrative district. At nearly 1 million square feet, the center features over 200 international and local brands, from lifestyle fashion to approachable luxury. Conveniently connected to the airport expressway and Metro lines 2 and 4, the center offers direct access for Xi’an’s residents and its approximately 250 million annual visitors.
This sale represents Taubman Asia’s third and final closing under the Blackstone transactions announced last year.
“We’re pleased to have completed our remaining asset sale and we look forward to a very productive partnership with Blackstone,” said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers.