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Blackstone Group Pays $300M for Taubman Interest in South Korea Shopping Center

The sale is part of an initiative announced by Taubman in February to sell its 50% interest in three Asian shopping centers—Starfield Hamam, CityOn.Xi’an (Xi’an, China) and the CityOn.Zhengzhou (Zhengzhou, China).

Starfield Hanam shopping center, Hanam, Gyeonggi, South Korea Starfield Hanam shopping center, Hanam, Gyeonggi, South Korea

HANAM, SOUTH KOREA—Taubman Centers, Inc. of Bloomfield, MI has sold its 50% interest in the Starfield Hanam shopping center here to real estate funds managed by The Blackstone Group Inc. of New York City for $300 million.

The sale is part of an initiative announced by Taubman in February to sell its 50% interest in three Asian shopping centers—Starfield Hamam, CityOn.Xi’an (Xi’an, China) and the CityOn.Zhengzhou (Zhengzhou, China) to funds managed by Blackstone. In February, Taubman estimated the sale of the interests in the three properties would be valued at $480 million. The other two transactions are expected to close in 2019.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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