Loading...
Loading...
Taubman Centers, Inc.
today announced the acquisition of an
additional 15 percent interest in The Mall of San Juan (San Juan, Puerto
Rico), bringing Taubman's ownership in the center to 95 percent. The
additional interest was acquired at cost. New Century Development, Inc. will
retain the remaining 5 percent interest in the project.
"We're pleased to have worked with Taubman to develop the center and see our
vision for The Mall of San Juan come to life," said Luis Rivera Ortiz,
president, New Century Development. "As we work to bring New Century's
adjoining hotel/casino and office towers to fruition, we believe that
disposing of a portion of our interest is the right capital allocation
decision."
"We are very happy to own 95 percent of this terrific asset," said Robert S.
Taubman, chairman, president and CEO of Taubman Centers. "The center debuted
on March 26 to much excitement and has clearly been embraced by the
community. We believe it is on track to be one of the strongest assets in
our portfolio."
The Mall of San Juan opened on March 26, 2015 as the dominant new upscale
shopping destination in Puerto Rico. The center features everything from
exclusive luxury brands to contemporary retailers at all price points. It
also offers the first Nordstrom and Saks Fifth Avenue in the Caribbean.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In: NewsPress Releases
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in