Deal involving International Mall back on track
November 16, 2020 - Two major shopping mall owners have agreed to revised terms on a deal that includes the sale of International Plaza in Tampa. Taubman Centers (NYSE: TCO), which owns International Plaza and 25 other malls, agreed to sell the malls to Simon Property Group (NYSE: SPC) for a lower price of $43 a share, a news release said. The two companies also settled a pending court battle, and the deal now is expected to close in late 2020 or early 2021. In February, Simon announced what was a $3.6 billion deal, but called off the purchase in June, after the Covid-19 pandemic hit. The revised deal signal there is hope in the retail real estate industry that traffic will rebound at America’s best malls, CNBC reported.