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Taubman Realty Group Ltd Partnership – ‘8-K’ for 7/17/97

As of:  Friday, 7/18/97   ·   For:  7/17/97   ·   Accession #:  917473-97-12   ·   File #:  33-73988

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  As Of                Filer                Filing    For·On·As Docs:Size

 7/18/97  Taubman Realty Group LP           8-K:5       7/17/97    1:6K

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         4     12K 


Document Table of Contents

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11st Page   -   Filing Submission
2Item 5. Other matters
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SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): July 17, 1997 THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP (Exact Name of Registrant as Specified in its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 33-73988 38-3097317 (Commission File Number) (I.R.S Employer Identification Number) 200 East Long Lake Road, Suite 300, P.O. Box 200, Bloomfield Hills, Michigan 48303-0200 (Address of Principal Executive Office) (Zip Code) (248) 258-6800 (Registrant's Telephone Number, Including Area Code) None (Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other matters. The following is the text of a press release issued by Taubman Centers, Inc., the managing general partner of The Taubman Realty Group Limited Partnership, on July 17, 1997. CONTACT: Christopher J. Tennyson (248) 258-7519 Barbara K. Baker (248) 258-7367 www.taubman.com TAUBMAN TO ACQUIRE REGENCY SQUARE Richmond Mall will be Taubman's 23rd Property BLOOMFIELD HILLS, Mich. July 17 -- Taubman Centers, Inc. (NYSE:TCO) today announced that The Taubman Realty Group Limited Partnership (TRG) has reached an agreement to acquire for cash the Regency Square shopping center in Richmond, Virginia from The Prudential Insurance Company of America. The transaction is contingent upon completion of due diligence and receipt of necessary consents and approvals. Taubman Centers, Inc., a real estate investment trust, is the managing general partner of TRG, which owns, develops, acquires and operates regional shopping centers nationally. The 823,000 square foot mall is the largest, most productive, and most dominant regional shopping center in the greater Richmond area. Anchored by Hecht's, JCPenney and Sears, Regency Square achieved mall tenant sales of nearly $400 per square foot in 1996 which is above the Taubman portfolio average of $365 per square foot. The mall's 236,000 square feet of mall tenant space is over 90 percent occupied and features such popular retailers as Brooks Brothers, Abercrombie & Fitch, Banana Republic, Warner Bros. Studio Store, Cache, Ann Taylor, Laura Ashley, The Disney Store and Gymboree. Opened in 1975 and renovated in 1987, Regency Square is located just south of the I-64/Parham Road Intersection in the affluent, rapidly growing northwest quadrant of the market.
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"Regency's sales productivity and dominant market position are consistent with the quality of our properties," said Robert S. Taubman, president and chief executive officer of Taubman Centers. "Richmond is a very attractive retail market, and we are excited about the opportunities to further add value to this exceptional property through our management, leasing and merchandising expertise. "We have agreed with the seller not to disclose the purchase price until after closing, which should be completed before year end. We plan to use existing lines of credit to pay for the transaction, which is expected to be modestly accretive in 1998." Two years ago Taubman secured zoning approval from the City of Richmond to develop a new regional shopping center at The Park at Stony Point, at the intersection of Chippenham Parkway and Stony Point Parkway. In June Dillard's announced that they were going to be one of the anchor department stores in that development. "We believe that the two centers could work synergistically from their locations in the heart of the Richmond market," said Mr. Taubman. Regency Square -- with the July 24th opening of The Mall at Tuttle Crossing (Columbus, Ohio) -- will be the 23rd operating center in the TRG portfolio, which includes urban and suburban regional and super regional malls in 11 states. Taubman's other Virginia centers are Fair Oaks in the Washington, D.C. area and MacArthur Center, a project currently under construction in downtown Norfolk scheduled to open in 1999. In addition to these projects, Arizona Mills, the company's first value regional mall, will open this November in Tempe, Arizona.
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SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP Date: July 18, 1997 By: /s/ Lisa A. Payne ---------------------------- Lisa A. Payne Executive Vice President and Chief Financial Officer

Dates Referenced Herein   and   Documents Incorporated by Reference

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Filed on:7/18/9748-K
For Period End:7/17/97128-K
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Filing Submission 0000917473-97-000012   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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