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SOURCE Taubman Asia
HONG KONG, Oct. 28, 2013 /PRNewswire/ -- Taubman Asia, a subsidiary of U.S. mall REIT, Taubman Centers, Inc., today officially announced the groundbreaking of the Hanam Union Square shopping center, a 4.5 million square feet (430,000sqm) GFA mall in Hanam City, Gyeonggi Province, South Korea.
Taubman Asia and Shinsegae Group, Korea's leading luxury department store retailer, are the joint investors in the project and are co-developing the site. Taubman will provide development, leasing, operations and ongoing center management services. Taubman Asia will invest US$330 million in Hanam Union Square for a 30 percent interest in the US$1.1 billion project, demonstrating its commitment to the Korean retail industry and belief in its growth potential.
A ceremony was held at the property today, signifying construction getting underway. Guests of honor present included the Governor of Gyeonggi Province, Mr. Moon-su Kim; the Mayor of Hanam City, Mr. Kyo-beom Lee; National Assembly member, Mr. Hyunjae Le; the Vice Chairman of Shinsegae Group, Yong-jin Chung, and Taubman Asia President, Mr. Rene Tremblay.
"Taubman Asia is honored to have been chosen by Shinsegae as its retail partner for the development of Hanam Union Square," said Mr. Tremblay. "We are proud to be part of the transformation of Hanam City into a premier shopping and entertainment destination for Koreans. This project provides us with a great opportunity to further leverage Taubman's 60-plus year retail heritage, and bring a new level of world-class retail environment to the sophisticated Korean market."
With a gross leasable area of approximately 1,700,000 square feet (157,000sqm), Hanam Union Square is designed to be a unique, multi-level – three levels for retail, plus basement, deck and rooftop parking – lifestyle shopping mall with Shinsegae Department Store as the anchor tenant. We also anticipate there will be a significant number of high-end flagship stores, and feature leisure and entertainment facilities such as a hypermarket, cinema, spa, food and beverage and more. When completed we expect the mall to contribute to the local economy by creating over 7,000 jobs.
This type of regional mall is new to the Korean market, and will be among the largest in the country. With distinct areas being developed for families, teenagers, and Korea's most discerning shoppers, Hanam Union Square will meet the wants and needs of a wide range of visitors.
Hanam Union Square is scheduled to open in the second half of 2016.
Mr. Yong-jin Chung said, "Through the strategic partnership with Taubman Asia, which has successful know-how in the development and management of lifestyle shopping mall complexes, we will create a landmark leading tourist business in the capital region."
Located in one of the most scenic areas of Greater Seoul, with tourist attractions nearby, Hanam Union Square will be directly connected to the seven-lane Misari Expressway, which is linked to the Greater Seoul freeway network.
In addition to Hanam Union Square in Greater Seoul, Taubman Asia's portfolio also includes managing the operations of IFC Mall in Seoul, which was opened fully leased in August 2012, and two recently announced projects in Xi'an and Zhengzhou, China which are scheduled to open in late 2015.
Taubman Centers, Inc. (NYSE: TCO) is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 28 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Taubman is currently developing The Mall at University Town Center in Sarasota, Fla.; The Mall of San Juan in San Juan, Puerto Rico; International Market Place in Waikiki, Honolulu, Hawaii and shopping malls in Xi'an and Zhengzhou, China and Hanam, South Korea. Taubman Centers is headquartered in Bloomfield Hills, Mich. and Taubman Asia, the platform for Taubman Centers' expansion into China and South Korea, is headquartered in Hong Kong. Founded in 1950, Taubman has more than 60 years of experience in the shopping center industry. For more information about Taubman, visit www.taubman.com.
About Taubman Asia
Taubman Asia is a subsidiary of U.S. Mall operator Taubman Centers - a leader in the shopping center industry. Taubman Asia is the platform for Taubman Centers' expansion into China and South Korea and focuses on owning, managing, and/or leasing high-quality and sustainable retail real estate projects in Asia that leverage Taubman's strong retail planning design and operational capabilities. For more information about Taubman Asia, visit www.taubman.com.
For ease of use, references in this press release to "Taubman Centers," "company," "Taubman" or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties. You should review the company's filings with the Securities and Exchange Commission, including "Risk Factors" in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.
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