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Blackstone funds pay $300M for Taubman stake in South Korean property

Taubman Centers Inc. sold a 50% stake in the Starfield Hanam shopping center in South Korea for $300 million.

The stake was acquired by real estate funds managed by private equity giant Blackstone Group Inc.

The regional mall real estate investment trust expects to raise approximately $240 million in net proceeds from the sale, following which it will own a 17.15% beneficial interest in the property.