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"The market in the US is fairly developed and many of those players are focusing on just sub-asset categories such as car dealerships, casinos or gas stations."
CPPIB will have a 45% ownership interest in the Platform 16 joint venture. Boston Properties will retain the remaining 55% ownership stake and provide development, property management and leasing services.
Speakers during a global capital market and foreign capital breakout session during the CREW Network Convention Orlando agree that the US is still the most transparent market in the world and is still a safe haven for foreign capital.
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).