Taubman Centers Inc. announced the acquisition of an additional 15 percent interest in The Mall of San Juan, pushing its ownership in the recently opened center to 95 percent.
The additional interest was acquired at cost, while New Century Development Inc. will retain the remaining 5 percent interest in the project, the company said.
“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 Luis Rivera-Ortiz, president, New Century Development. “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.”
The Mall of San Juan opened on March 26, 2015 as a new upscale shopping destination in Puerto Rico. The center features everything from exclusive luxury brands to contemporary retailers at all price points. It also offers the first Nordstrom and Saks Fifth Avenue in the Caribbean.
“We are very happy to own 95 percent of this terrific asset,” said Robert S. Taubman, chairman, president of Taubman Centers. “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.”