Michigan-based Taubman Centers, an owner and manager of regional and outlet shopping centers, has agreed to divest a 50 percent stake in the shopping center assets of its Asian division.
Taubman will divest the stake to U.S. financial services firm Blackstone in a transaction valued at $480 million.
The deal gives Blackstone significant holdings in three fully-leased shopping centers, two of which are in the Chinese cities of Xi’an and Zhengzhou, and a third in the South Korean city of Hanam.
The transaction allows Taubman Centers to realize a capital gain on its Asian investments while allying with Blackstone for potential future extension in the region.