Taubman Announces Ownership Increase Of 15% in The Mall of San Juan, Ownership Now Stands At 95%

Taubman Centers, Inc. (NYSE: TCO) today announced the acquisition of anadditional 15 percent interest in The Mall of San Juan (San Juan, PuertoRico), bringing Taubman's ownership in the center to 95 percent. Theadditional interest was acquired at cost. New Century Development, Inc. willretain the remaining 5 percent interest in the project. "We're pleased to have worked with Taubman to develop the center and see ourvision for The Mall of San Juan come to life," said Luis Rivera Ortiz,president, New Century Development. "As we work to bring New Century'sadjoining hotel/casino and office towers to fruition, we believe thatdisposing of a portion of our interest is the right capital allocationdecision." "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 debutedon March 26 to much excitement and has clearly been embraced by thecommunity. We believe it is on track to be one of the strongest assets inour portfolio." The Mall of San Juan opened on March 26, 2015 as the dominant new upscaleshopping destination in Puerto Rico. The center features everything fromexclusive luxury brands to contemporary retailers at all price points. Italso offers the first Nordstrom and Saks Fifth Avenue in the Caribbean.