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.
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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.
