Simon to take over International Plaza, UTC malls

The settlement of a lawsuit by mall owners Simon Property Group and Taubman Centers Inc. last month means that control of two of the region’s premier shopping hubs — International Plaza in Tampa and the Mall at University Town Center, in Sarasota — will change.

Simon Property agreed to pay Taubman roughly $3 billion, or $43 per share, to take over a portfolio of Taubman properties including the two along the Gulf Coast.

In March, Simon agreed to pay about $3.6 billion, or $52.50 per share, for a majority stake in Taubman, but three months later it attempted to cancel the deal, citing the impact of COVID-19. Taubman countered in court that the deal remained valid and should be completed.

The sale is slated to be finalized later this year or early in 2021.

Along the Gulf Coast, Simon currently owns the Coconut Point and Tyrone Square malls in Estero and St. Petersburg, respectively, and the Ellenton and Tampa Premium Outlets, its website states.