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TAUBMAN COMPLETES SHORT HILLS ACQUISITION

 BLOOMFIELD HILLS, Mich., June 11 /PRNewswire/ -- Taubman Centers, Inc. (NYSE: TCO) today announced that the Taubman Realty Group Limited Partnership (TRG) has completed the acquisition of all interests previously held by Prudential Insurance Company of America in The Mall at Short Hills, located in Short Hills, New Jersey.
 Prior to the transaction, TRG and Prudential each held 50 percent interests in Pru-Taub Associates, the joint venture that developed and owned the 1.1-million-square-foot shopping center. In addition, Prudential also owned the land on which the project was developed, and held a $41.5 million first mortgage on the center.
 Commenting on the transaction, Taubman Centers President and Chief Executive Officer Robert S. Taubman said: "By any measure, The Mall at Short Hills is one of America's premier regional shopping centers. We're delighted to now own 100 percent of this distinctive property and are confident the acquisition will not only have a positive effect on our financial results this year but will increase TRG's Distributable Cash Flow by between 1.5 and 2 percent in 1994.
 According to Mr. Taubman, construction is currently under way on a major expansion that will enhance Short Hills' dominant position in the Northern New Jersey market as Nordstrom, Neiman Marcus, and Saks Fifth Avenue and approximately 40 new mall stores join existing anchors Bloomingdale's and Abraham & Straus. The new Saks store is scheduled to open in the fall of 1994 with Nordstrom and Neiman Marcus opening one year later.
 Financing for the $140 million acquisition and the expansion has been arranged through a five-year term loan and revolving credit facility provided by Union Bank of Switzerland, Morgan Guaranty Trust Company of New York and Bayerische Hypotheken-und Wechsel-Bank Aktiengesellschaft (New York Branch), with Union Bank of Switzerland acting as Administrative Agent.
 Taubman Centers, Inc., a publicly traded real estate investment trust headquartered in Bloomfield Hills, is the managing general partner of the Taubman Realty Group Limited Partnership, which owns, develops, acquires and operates regional shopping centers nationally.
 -0- 6/11/93
 /CONTACT: Christopher J. Tennyson of Taubman Centers, Inc., 313-258-5719/
 (TCO)


CO: Taubman Centers, Inc.; Prudential Insurance Company of America ST: Michigan, New Jersey IN: REA SU: TNM

TS -- NY036 -- 1056 06/11/93 12:01 EST
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Publication:PR Newswire
Date:Jun 11, 1993
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