Taubman Makes $230M In Asset Sales To Simon Property

Law360, New York (January 31, 2014, 5:06 PM EST) -- Real estate investment trust Taubman Centers Inc. has sold a mall in Arizona and a swath of land in Long Island, N.Y., where it had planned to build a mall to Simon Property Group Inc. for $230 million, the REIT said Friday.

In connection with the deal, Simon agreed to pay Taubman $60 million, plus 555,150 units of Simon Property Group LP, which is worth about $86 million in total.

In addition, the deal relieves Taubman of its $84 million share of the current $167 million...
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