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Tag: Taubman Centers

  • Taubman Sells Shares of Three Asian Shopping Centers

    Taubman Sells Shares of Three Asian Shopping Centers

    US retail property specialist Taubman Centers is to sell a 50 per cent stake in three of its shopping centres in China and Korea to funds managed by private equity company Blackstone Group. The deal, worth US$480-million, is expected to be settled later this year and will net Taubman about $315 million according to financial news reports. The company will maintain a share of up to 25 per cent in each property.

    Post settlement, Taubman will be contracted for the ongoing management of the centres.

    The centres are South Korea’s Starfield Hanam, and China’s CityOn Xi’an and CityOn Zhengzhou.

    Taubman manages a 26 regional, super-regional and outlet shopping centres in the US and Asia, and has another property under development. CEO Robert S Taubman said the sale was part of a strategy of recycling capital for growth.

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  • CityOn.Zhengzhou to open fully leased

    CityOn.Zhengzhou to open fully leased

    Taubman Asia, a subsidiary of US shopping centre group Taubman Centers, and China’s Wangfujing Group, have announced the line-up of retailers for its CityOn.Zhengzhou mall in Henan province, set to open on March 16.

    When it opens, the centre will be 100 per cent leased and 90 per cent occupied with nearly 200 stores and restaurants. In the heart of Zhengdong New District, the six-level, 94,000 sqm shopping and dining destination will offer domestic, international and lifestyle brands from fast fashion to accessible luxury, anchored by a four-level Wangfujing department store.

    “We are thrilled to see our second China project coming to life in Zhengzhou,” says Taubman Asia president Rene Tremblay.

    Local, regional and international cuisine at all price points and in both seated restaurants and quick-serve formats will be a feature of the centre, which will also offer family-friendly experiential, educational and entertainment offerings.

    Many international brands will be making their central China debut at the centre, says Taubman Asia group VP Paul Wright.

    Outlets at the mall include…

    Fashion: Adidas, Ajidou, Basic House, Bershka, Charles & Keith, Columbia, Converse, Ecco, Five Plus, Forever 21, H&M, Innisfree, Jack & Jones, KIKC, Kipling, La Chapelle, Lee, Levi’s, Mango, Massimo Dutti, Miniso, Mishka, Mobi Garden, Nike, Pandora, Polo, Sand & Foam, Sephora, Skechers, Stradivarius, The North Face, Uniqlo, Vans, Vero Moda, Westlink and Zara.

    F&B/entertainment/kids/lifestyle/electronics: Acasia Food Village (featuring 14 food vendors), Benfu Sushi, Boat Noodle, Chatime, Chez Choux, Chicken Container, Coco, Dollar Shop, FrozenYo, GB Kids Station, Gong Cha, Grandma’s Kitchen, Guoguo Mutton Soup Restaurant, Guxiang No. 9 Catering, Hallmark Babies, Homao, Huawei, iSpace, La Chapelle Kids, Lenovo, MagicSalad, MM by Haircode, Mr Wish, NaughtyKids, New York Fries, Oscar CityOn Cinema, PapaBubble, Pizza Zone, Rbike, Siwuke Tea, Starbucks, Strawberry Forever, Subway, Teppanyaki Xiang, Toot Science, Udon & Tempura, Uncle, Wan Quan Bu Tong, Xiang Tian Xia Huo Guo, Xiao Liu Jia, Xiao Zhu Zhu Kao Rou, Xue Mi Da, Yang Xiang Dou Pi Shuan Niu Du, YuYuTo, ZBX Fresh Fish Hot Pot, Zheng Shi Yi and Zoo Steak.

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  • Taubman Centers Unit Opens Starfield Hanam in South Korea

    Taubman Centers Unit Opens Starfield Hanam in South Korea

    Taubman Centers, Inc. is making its impact felt around the world. Its wing in Asia – Taubman Asia – together with its partner Shinsegae Group, celebrated the opening of Starfield Hanam shopping center at Hanam, Gyeonggi Province in South Korea. This retail project, developed by Taubman Asia and Shinsegae Group, marks Taubman Asia’s first ground-up development in South Korea.

    The shopping center is the country’s largest western-style mall and is nearly 100% leased. There are almost 300 stores and restaurants in this 1.7 million square foot center. It is anchored by Korea’s reputed department store brand, Shinsegae.

    There has been a rapid shift in customers’ shopping preferences and patterns, with online purchases growing significantly. Hence, the mall landlords have been making concerted efforts in developing retail hubs with swanky entertainment zones, and this shopping center is no exception.

    From international luxury brands, like Balenciaga, Burberry, Bvlgari and Fendi, to fast fashion choices – such as Cos, H&M, Massimo Dutti – Starfield Hanam has a vast range of stores to offer. Also, with 110,000 square feet of dining options and entertainment options like the 11-screen Megabox cinema, a Sports Monster sportsplex and an 112,000 square foot Aquafield indoor/outdoor water park, this retail property is expected to attract high footfall.

    Taubman Asia is a subsidiary of the U.S. Mall operator Taubman Centers and is into retail real estate projects in Asia. It is, in fact, Taubman Centers’ platform for expansion into China and South Korea. Taubman Asia, founded in 2005, is headquartered in Hong Kong.

    On the other hand – Bloomfield Hills – MI-based Taubman Centers, is engaged in the ownership, management and/or leasing of several regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman currently has a Zacks Rank #3.

    A better-ranked stock in the REIT industry is InfraREIT, Inc., sporting a Zacks Rank #1.

    Also, investors can consider better-ranked stocks like EPR Properties and Weingarten Realty Investors that carry a Zacks Rank #2.

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  • Taubman Asia opening centre in Xi’an

    Taubman Asia opening centre in Xi’an

    A modern shopping experience is promised in north-west China’s Xi’an city with the opening next month of a seven-level shopping centre, anchored by a Wangfujing Department Store.

    The joint development has been developed by Hong Kong-headquartered Taubman Asia, a subsidiary of Taubman Centers, and the Wangfujing Group.

    “We have taken a disciplined approach to growth in Asia and are thrilled to see our first China project come to life,” says Taubman Asia president Rene Tremblay.

    Opening on April 28, the 90,000 sqm CityOn Xi’an shopping centre is in the heart of Xi’an’s new CBD and administrative center. It will have a mix of domestic and international designer and lifestyle brands from fast fashion to accessible luxury.

    CityOn Xi’an shopping centre

    It will also feature local, regional and international cuisine across all price-points and in both seated restaurants and quick-service formats, as well as child-friendly experiential, educational and entertainment offerings.

    “There has been excellent tenant demand and we expect to well exceed 90 per cent
    leasing at opening,” says Taubman Asia group VP for leasing Paul Wright. “The stellar line-up of brands shows great confidence in CityOn Xi’an.”

    Tenants include:

    Retail: Bershka, BJIL Moda, Candies, Coach, Forever 21, Gap, H&M, I Do, INXX, La Babite, La Chapelle Group, Ludao Ordinary Life, Massimo Dutti, Me&City, Monki, Muji, Nordic by Nature, Vero Moda, P+, Semir, Stradivarius, UR, Westlink, Yishion Classic, Zara and Zara Home.

    F&B/entertainment/kids/lifestyle: Balabala, Cartoony World, Cousin Restaurant, Gymboree, Holiland, Impression of MaWei, Kids World, Kidsmoment, Ma La Kuai Le Ying, MusangKing, Nobleman Training Club, Open Life, Open Oven, Oscar International Cinemas, Pacific Coffee, PGL, Quan Zi/Jessie Wa/Brunch&Coffee, Romp n’Roll, Rong Li Ji, Skyland Food Court, Starbucks, Tanyu, Xi He Ya Yuan Peking Duck, Xu Ji Seafood.

    Taubman Asia is a subsidiary of Taubman Centers, and the platform for the US mall company’s expansion into China and South Korea. Founded in 1950 with headquarters in Michigan, the parent company owns, manages and/or leases 23 regional shopping centres in the US and Asia.

    Founded in Beijing in 1955, the Wangfujing Group is committed to transforming its traditional department store business into a modern retail group. Its sales network spans seven major economic zones in China with 46 large-scale retail stores in 28 cities, including department stores and shopping malls.