The owner of Orlando’s Florida Mall has agreed to acquire most of the company that owns Mall at Millenia.
Simon Property Group announced the deal to acquire 80% of The Taubman Realty Group Limited Partnership for about $3.6 billion. It is expected to close in the middle of this year, pending approvals.
Taubman has about two dozen operating properties around the world.
“By joining together, we will enhance the ability of TRG to invest in innovative retail environments that create exciting shopping and entertainment experiences for consumers, immersive opportunities for retailers, and substantial new job prospects for local communities,” Simon Chairman and CEO David Simon said in a news release.
Simon is acquiring all of the company’s common stock and the Taubman family will be a 20% partner. Simon’s properties also include Orlando International Premium Outlets, Orlando Vineland Premium Outlets and Orlando Outlet Marketplace.
afuller@orlandosentinel.com
