Taubman CentersInc. unit Taubman Asia and Wangfujing Group Co. gained full ownershipof a shopping center in Xi'an, China, in which they had a joint venture stake of60%.
The joint venture effectively acquired the remaining 40% stakethat it did not already own in the CityOn.Xi'ancenter, pending administrative approvals, from Fuli Group. The partners paid roughly$150 million for the stake, with Taubman's share of the purchase price amountingto $75 million.
The April transaction resulted in Taubman Asia and Wangfujingeach holding a 50% stake in the property.
Taubman, in reporting its first-quarter earnings, said the 1million-square-foot shopping center was roughly 95% leased and about 80% occupiedwhen it was launched April 28.
The center, which is the company's first ground-up developmentin China, was delivered on time and on budget, Chairman, President and CEO RobertTaubman said in a release.