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

The owner of Cherry Creek Shopping Center is being acquired.

DENVER — Simon Property Group Inc. (NYSE: SPG) will indeed acquire Taubman Centers Inc. in a deal foreshadowed by reports in early February. 

As the biggest mall owner in the U.S., Simon plans to fund the $3.6 billion acquisition of fellow mall-owner Taubman (NYSE: TCO) with “existing liquidity,” according to a release announcing the deal. 

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

Taubman owns the upscale Cherry Creek Shopping Center in Denver.

Taubman will continue to manage its portfolio of 26 super-regional retail properties, most of which are in the U.S., under the direction of current Taubman Chairman, President and CEO Robert Taubman

The deal will "enhance [Taubman's] ability to invest in innovative retail environments," according to the release.

>>>Read more at the Denver Business Journal

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