Twelve Oaks Mall, Great Lakes Crossing Outlets get a new owner

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Great Lakes Crossing Outlets in Auburn Hills on Thursday, Jan. 29.

Bloomfield Hills-based mall owner and developer Taubman Centers has been sold to Simon Property Group, the largest mall operator in the U.S., in a deal once threatened by the COVID-19 pandemic.

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Indianapolis-based Simon announced Tuesday that it has finalized its $3.4 billion purchase of an 80% ownership stake in The Taubman Realty Group Limited Partnership, which gives it full ownership of Taubman Centers, including Taubman’s remaining two Michigan malls: Great Lakes Crossing Outlets in Auburn Hills and Twelve Oaks Mall in Novi.

According to Taubman’s family, it sold about one third of its ownership interest in this deal. However, it still owns 20% of the limited partner. to a news release.

Simon was to pay $43 per share for Taubman, down 18% from the $52.50 per share price when the deal was announced on the eve of the pandemic’s arrival in early February. In June, Simon threatened to pull out of the deal, saying the pandemic and mall shutdowns had put tremendous financial strain on Taubman and that “extreme actions” might be necessary to rescue the company.

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