Taubman Ups Stake in Mall of San Juan to 95%

Taubman Centers, Inc. announced that it has boosted its stake in Puerto Rico’s Mall of San Juan to 95% with the acquisition of an additional 15% from New Century Development.

“We’re pleased to have worked with Taubman to develop the center and see our vision for The Mall of San Juan come to life,” said New Century president Luis Rivera Ortiz. “As we work to bring New Century’s adjoining hotel/casino and office towers to fruition, we believe that disposing of a portion of our interest is the right capital allocation decision.”

New Century has retained a 5% stake in the Mall.

“We are very happy to own 95 percent of this terrific asset,” said Taubman CEO Robert S. Taubman. “The center debuted on March 26 to much excitement and has clearly been embraced by the community. We believe it is on track to be one of the strongest assets in our portfolio.”

The Mall of San Juan opened its doors late last month. The two-level 650,000 sq. ft. mall is anchored by the first Nordstrom and Saks Fifth Avenue stores in the Caribbean islands.

Bloomfield Hills, Mich.-based Taubman Centers, Inc. operates 22 malls in the U.S. and Asia, including Beverly Center in L.A., City Creek Center in Salt Lake City, The Mall at Short Hills in N.J. and the newly opened Mall at University Town Center in Sarasota, Fla.