- Simon Property Group to Acquire Taubman Centers “Simon Property Group, Inc. and Taubman Centers, Inc. today announced that they have entered into a definitive agreement under which Simon will acquire an 80% ownership interest in The Taubman Realty Group Limited Partnership. Simon, through its operating partnership, Simon Property Group, L.P., will acquire all of Taubman common stock for $52.50 per share in cash and the Taubman family will sell approximately one-third of its ownership interest at the transaction price and remain a 20% partner in TRG.” (Via press release)
- Downtown Dallas Inc. is keeping the focus on the center city “Downtown Dallas estimates that about 135,000 people now work in the downtown area, with more employees on the way to fill new buildings going up. To make sure the money is there to keep up with the growth, the organization, which represents owners and employers in the area, is seeking to reauthorize the downtown public improvement district, which is expiring.” (The Dallas Morning News)
- Retail Real Estate Company That Made A Fortune From Chinese Tourists Faces Hit From Coronavirus Outbreak “Outlet mall owner and operator Value Retail tapped into the growth of Chinese tourism better than perhaps any other company in the world. Now it is facing a serious hit from the outbreak of coronavirus in China and beyond. Value Retail, which was founded in the 1990s by Scott Malkin, owns nine outlet malls in the UK and Europe and two in China. Its flagship mall, Bicester Village, outside of London, is a huge destination for Chinese tourists in the UK, and its popularity allowed the company to launch two Chinese schemes, one in Suzhou in 2014, and one adjacent to the Shanghai Disney theme park in 2016. (Bisnow)
- President’s Chicago tax appeal on Trump Tower is under investigation “Mired in delays for seven years, President Donald Trump’s appeal for a refund of at least $1 million on his Chicago skyscraper is now the subject of two state of Illinois investigations that center on whether a Republican state official pressured his staff to cut the president a break. Trump’s appeal of the 2012 property taxes he paid for Trump International Hotel & Tower has come under scrutiny by the state’s executive inspector general’s office and then Gov. J.B. Pritzker’s administration, the Chicago Sun-Times has learned..” (Chicago Sun Times)
- Moms 4 Housing-inspired policy could shake up Oakland real estate market “Galvanized by the Moms 4 Housing standoff that drew national attention to the region’s affordability crisis, Oakland officials may soon overhaul the way homes are bought and sold — and other Bay Area cities are considering similar measures. The policies would give tenants or affordable housing nonprofits first dibs to buy certain residential properties for market value. The move is intended to beef up the local supply of low-income units, while curbing the influence of real estate speculators on the overheated housing market that is pricing out many long-term residents.” (The Mercury News)
Five Must Reads for the CRE Industry Today (Feb. 10, 2020)
Simon Property Group has agreed to acquire an 80 percent stake in Taubman Centers in deal worth about $3.6 billion. Business leaders in Dallas are aiming to reauthorize the city’s downtown public improvement district, reports the Dallas Morning News. These are among today’s must reads from around the commercial real estate industry.