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Thursday, 13 January 2000

Taubman, Rodamco Swap Interests in Twelve Oaks, Lakeside

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January 14, 2000

BLOOMFIELD HILLS, Mich. – Taubman Centers Inc.(NYSE:TCO) is taking full ownership of the Twelve Oaks mall in Novi, Mich., while giving Rodamco North America full ownership of the Lakeside mall in Sterling Heights.

The two firms had owned both malls in a 50/50 joint venture.

In addition to agreeing to swap interests in the malls, the two firms will assume the total debt on each property. That means Rodamco assumes $88 million of debt on Lakeside, while Taubman will assume $50 million of debt on Twelve Oaks. To balance the numbers, Taubman will pay Rodamco $30 million.

The two firms have owned the malls since 1988. The swap was driven in part by Rodamco's desire to increase the number of properties it wholly owns.

Taubman will continue to manage Twelve Oaks, while The RREEF Funds will assume management of Lakeside.

Lakeside opened in 1976 and is anchored by Hudson's, Lord & Taylor, JCPenney and Sears. It has 508,000 square feet of mall shops and generated $359/sf in sales last year. Twelve Oaks opened in 1977 and is anchored by the same department stores. It has 484,000 sf of non-anchor space that generated $427/sf in sales.



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Additional Info

  • Syndicate to Realpoint: No
  • States: Michigan
  • Sector: Retail
  • Subject: Property Acquisitions (ACQ)
  • Company: Athena Group
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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