Taubman Centers Inc. formed a joint venture with Shinsegae Group to construct, lease and manage a 1.1 million-square-foot shopping mall in Anseong, South Korea, with a projected cost of up to $600 million.
The regional mall real estate investment trust said in reporting its second-quarter earnings that it expects to invest up to $150 million in the Starfield Anseong project, representing a 24.5% stake. Taubman noted that it owns and is funding 49% of the project until an additional capital partner is found. Shinsegae has a 51% interest in the project, while an undisclosed institutional investor is expected to own the remaining 24.5%.
The property, which is expected to open in late 2020, will be anchored by E-Mart Traders, PK Supermarket, ElectroMart and Sports Monster, among others.