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Owners of Cherry Creek Shopping Center to move ahead with merger deal

The two mall owners announced their merger in February — and then came the novel coronavirus pandemic.
Credit: DBJ

DENVER — Two major U.S. mall owners are moving forward with a merger after agreeing to modified deal terms.

Simon Property Group (NYSE: SPG), the largest U.S. mall owner, will acquire an 80 percent share of Taubman Realty Group Limited Partnership, which owns luxury malls and shopping centers throughout the U.S. including Cherry Creek Shopping Center in Denver.

Simon owns three shopping centers in Colorado: Colorado Mills in Lakewood, Denver West Village in Lakewood and Denver Premium Outlets in Thornton.

The mall giants on Sunday said they have agreed to a modified purchase price of $43 per share. The original agreement, which went public in February, was priced at $52.50 per share.

The Taubman family will retain a 20 percent interest in TRG.

>Read more at the Denver Business Journal.

RELATED: Major U.S. mall giant to acquire owner of Cherry Creek Shopping Center for $3.6B

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