Shopping centre operator Taubman Centres has reported positive financial results for the second quarter of this year and outlined plans for further expansion in Asia.
CEO Robert S Taubman said the company was pleased with its quarterly results.
“Our business benefited from increased rents and expense savings. Comparable centre net operating income (NOI) growth exceeded our expectations again this quarter.
“The newest centres in our comp pool – International Market Place in Hawaii, CityOn Xi’an in China, and Starfield Hanam in South Korea – produced especially strong growth. We also benefited from higher overage rents, a result of strong tenant sales in the quarter, and greater net recoveries.”
The company has recently bought into its fourth Taubman Asia investment – a joint venture with Shinsegae Group to build, lease and manage a 1.1 million sqft shopping mall in Anseong, South Korea.
Taubman’s total investment is expected to be between $140 and $150 million, representing a 24.5 per cent interest in the centre. It is expected to open in late 2020.