Taubman Centers Inc. has completed the sale of 50 percent of Taubman Asia’s interest in Starfield Hanam to real estate funds managed by The Blackstone Group Inc. for $300 million. Starfield Hanam is the largest Western-style shopping center in South Korea at nearly 1.7 million square feet.
Net proceeds to Bloomfield Hills-based Taubman are expected to be approximately $240 million following the allocation of property-level debt and transaction costs. Following the sale, Taubman will own a 17.15 percent beneficial interest in the shopping center.
This sale is consistent with Taubman’s announcement to sell 50 percent of its three Asia-based shopping centers to New York-based Blackstone, with closings expected throughout 2019.
“We’re pleased to have made substantial progress on this important transaction, while adding Blackstone as a strategic partner,” Taubman Centerse Chairman, President and CEO Robert S. Taubman said in a statement. “We continue to work toward closing the two remaining deals over the coming months.”