BLOOMFIELD HILLS, Mich., Dec. 19, 2012 /PRNewswire/ -- Taubman Centers, Inc. (NYSE: TCO) today announced the acquisition of an additional 49.9 percent interest in International Plaza ( Tampa, Fla.) and an agreement to acquire an additional 25 percent interest in Waterside Shops ( Naples, Fla.).
The company acquired its additional interest in International Plaza from CSAT, LP, increasing its ownership in the center to 100 percent. The $437 million purchase price for CSAT, LP's interest in the center consists of $275 million of cash and approximately $162 million of beneficial interest in debt.
"We are pleased to have an opportunity to increase our ownership interest in International Plaza. The acquisition will be accretive and the center is in a strong, growing market," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "Since its opening in 2001, International Plaza has become the dominant upscale shopping center in the Tampa market. It's a highly productive asset, with sales per square foot above our portfolio average."International Plaza is located at the center of the Tampa metroplex, on the grounds of Tampa International Airport. The 1,202,000 square foot center, which opened in September 2001, is anchored by Dillard's, Neiman Marcus, and Nordstrom. The company has agreed to acquire a 50 percent interest in Waterside Shops from an affiliate of Oregon PERS (Oregon PERS) on a pari passu basis with an affiliate of The Forbes Company. Upon closing, the company's ownership in the center will be 50 percent, the remaining interests are owned by an affiliate of The Forbes Company. The $155 million purchase price for Oregon PERS' interest in the center consists of $72.5 million of cash and $82.5 million of beneficial interest in debt. The company's share of cash and beneficial interest in debt are $36.3 million and $41.3 million, respectively. The transaction is subject to lender approval and is expected to close within 10 days thereafter. The Forbes Company will continue to lease and manage the center. "We are delighted to build upon our successful partnership with Forbes by increasing our ownership in Waterside," said Mr. Taubman. "This highly productive, luxury oriented center complements our portfolio."