Taubman Centers Inc. (NYSE: TCO) has completed the sale of seven U.S. malls to Greenwich, Conn.-based Starwood Capital Group for $1.4 billion. Taubman’s share of the net cash proceeds was $716 million after the retirement of debt and transaction costs. The sales are part of Taubman’s ongoing strategy to recycle capital, maximize its net operating income growth rate and create net asset value for investors over time. “Taubman said it hasn’t yet determined exactly what it will do with the proceeds, but a portion is being held with the intention of purchasing other “synergistic” properties. If the company doesn’t find desirable assets to purchase within a defined time that will enable it to avoid capital gains taxes, it plans to declare a special dividend of up to $5 per share, it said.” Source: Crain’s Detroit Business
Restructurings
