KANSAS CITY, Mo. — The realty group that manages the Country Club Plaza will be purchased by another property group, according to a press release.
Taubman Centers, Inc. currently manages the property on the Plaza.
According to their website, the company owns, manages or leases 26 outlet shopping centers in the U.S. and Asia.
Simon Property Group, Inc. announcedthat it will purchase an 80 percent ownership interest in The Taubman Realty Group Limited Partnership, acquire all Taubman common stock and purchase one-third of the ownership interest of the company.
The deal is expected to cost Simon $3.6 billion.
According to the press release, the current Taubman executive team will continue to manage its properties in partnership with Simon.
A spokesperson for Taubman said both groups will continue to operate as separate companies until the transaction closes.
"After the transaction is completed, Taubman expects to operate much as we do today, including related to the ownership of our properties and how we serve our shoppers," the Taubman group said in the statement.
