Taubman Asia Announces Groundbreaking Of Hanam Union Square Shopping Center
Site In Greater Seoul
HONG KONG, Oct. 28, 2013
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
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
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
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
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.
SOURCE Taubman Asia
Contact: Pamela So, Weber Shandwick, Hong Kong, +852 2533 9916,
firstname.lastname@example.org; Barbara Baker, Taubman, Vice President, Corporate
Affairs & Investor Relations, 248-258-7367, email@example.com, or Karen Mac
Donald, Taubman, Director Communications, 248-258-7469, firstname.lastname@example.org
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