Great Lakes Crossing Outlets, Twelve Oaks sale deal in jeopardy

Empty parking lot at Great Lakes Crossing in Auburn Hills is seen on March 24, 2020.

The coronavirus may take a new victim: the $3.6-billion acquisition deal involving Bloomfield Hills-based mall owner and developer Taubman Centers.

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Simon Property Group, the largest U.S. mall operator, announced Wednesday that it was terminating its purchase agreement with Taubman Centers. This includes Taubman’s remaining Michigan malls, Great Lakes Crossing Outlets and Twelve Oaks Mall in Novi.

The  agreement dates to Feb. 9, weeks before the coronavirus pandemic brought the closure of malls, retail stores and shopping centers across the country. The deal, which would end Taubman family control of the company, has yet to close.

Simon stated that the pandemic placed a tremendous financial strain upon Taubman and that it was causing a lot of financial problems. “extreme actions”It may be necessary “rescue”The company.

In response, Taubman said it will fight Simon’s attempt to terminate the sale and insisted that Simon remains legally bound to finish the deal. Taubman claimed that it called a special June 25 meeting for its shareholders to approve this deal.

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