[Taubman Logo]
Taubman Centers, Inc.
200 East Long Lake
Bloomfield Hills, MI48304
(248) 258-6800
CONTACT: Barbara K. Baker (Investors)
(248) 258-7367
Karen Mac Donald (Media)
(248) 258-7469
www.taubman.comTAUBMAN ACQUIRES ADDITIONAL INTEREST IN MACARTHUR CENTER
BLOOMFIELD HILLS, Mich., July 10, 2003 - - Taubman Centers, Inc.
(NYSE:TCO) today announced it has acquired an additional 25 percent interest in
MacArthur Center (Norfolk, VA) from Norfolk Place LP, a partnership controlled
by Alexius Conroy of Fairfield, Connecticut, increasing its ownership in the
center to 95 percent. Conroy will retain a five percent interest in the
property. The $45.4 million of consideration consists of $4.87 million in cash,
190,909 Taubman operating partnership units valued at $27.50 per unit and $35.3
million of beneficial interest in debt attributable to this interest that
encumbers the center. The transaction is expected to be approximately one-cent
accretive to Taubman Centers Funds from Operations per share during the twelve
months following closing.
"We are pleased to have an opportunity to increase our ownership
interest in MacArthur Center at an attractive price," said Robert S. Taubman,
chairman, president and chief executive officer of Taubman Centers. "We welcome
Alex Conroy, a savvy real estate investor and developer who we have known for
many years, as a new partner in the company.""By exchanging a substantial interest in the very successful MacArthur
Center property into Taubman units, I will be able to participate more broadly
in Taubman's exceptional portfolio of retail properties," said Conroy.
"This transaction reflects my belief that Taubman is the leading
developer and manager of premier regional shopping centers in the country. While
others accumulate endless square feet of product, no other company has the
heritage of refined and sophisticated skills that is necessary to create,
assemble, and manage retail environments with the highest productivity in the
industry."
-more-
Taubman Centers/2
MacArthur Center, which opened its doors in March, 1999, was developed
by Taubman and Conroy. Noted for bringing an impressive number of "firsts" to
Hampton Roads shoppers, the 937,000 square foot center is anchored by Nordstrom
and Dillard's. Located in historic downtown Norfolk, its website is
WWW.SHOPMACARTHUR.COM.
Taubman Centers, Inc., a real estate investment trust, owns and/or
manages 30 urban and suburban regional and super regional shopping centers in 13
states. In addition, Stony Point Fashion Park is under construction and will
open September 18, 2003, and Northlake Mall (Charlotte, N.C.) will begin
construction later this year and will open fall 2005. Taubman Centers is
headquartered in Bloomfield Hills, Mich.
This press release contains forward-looking statements within the
meaning of the Securities Act of 1933 as amended. These statements reflect
management's current views with respect to future events and financial
performance. Actual results may differ materially from those expected because of
various risks and uncertainties, including, but not limited to changes in
general economic and real estate conditions, changes in the interest rate
environment, the availability of financing, and adverse changes in the retail
industry. Other risks and uncertainties are discussed in the Company's filings
with the Securities and Exchange Commission including its most recent Annual
Report on Form 10-K.
# # #
