Published: 24 April 2005
Taubman Centres Inc, a US reit which beat off a takeover bid by Simon Property Group & Westfield in 2003, has formed a Hong Kong-based division to expand into Asia.
It will be headed by Morgan Parker, an Australian who spent 7 years with Lend Lease Corp & Macquarie Bank in Asia before becoming a vice-president of Morgan Stanley. At Morgan Stanley he was based in Tokyo, overseeing Morgan Stanley Real Estate Fund’s Asian retail investment & management businesses. He was also president of Promena Retail Properties, a subsidiary of the Morgan Stanley fund specialising in retail asset & property management in Japan.
Taubman Asia will seek projects that leverage Taubman Centres’ strong retail planning, design & operational capabilities. With the Morgan Stanley fund, Taubman Asia has started evaluating opportunities, including the previously announced New Songdo City project in Incheon, South Korea.
Taubman Centres owns &/or manages 22 regional & super-regional centres in 10 US states and has 2 more under construction.
Taubman increased first-quarter diluted funds from operations by 5.7% to US53c/share but earnings/share fell from US7c to US5c. It said occupancy rose 2.2 points to 88.4%, and to 90.6% including temporary tenants. Sales/mÂ² rose 7.2%.Web site: Taubman