HONG KONG, April 28 /PRNewswire-FirstCall/ -- Taubman Asia Management Limited, a subsidiary of U.S. mall REIT, Taubman Centers, Inc., today officially announced that Korean retail giant, Lotte Department Store, will anchor the shopping center at Songdo International Business District (Songdo IBD), Incheon, Korea. The twelve-level flagship store, which includes two levels of parking, will be approximately 48,500sqm (521,800 sq ft).
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"This represents the first anchor deal to be completed for Songdo Shopping Center, and we are proud to have secured one of Korea's best department store operators, setting the tone for the finest shopping experience in the region," said Morgan Parker, president of Taubman Asia, the manager and developer of Songdo Shopping Center. "The 105,000 square meter (1.1 million square foot) shopping center will combine the essential ingredients of convenience and superior store merchandising, making this a truly world-class destination," he added.
The double-level enclosed shopping center, designed by globally renowned architect Daniel Libeskind with interior design by Benoy, will be the first of its kind in Korea, created as an integrated space and will include a department store, a hypermarket, a multiplex cinema, a food court, an ice rink, and approximately 150 specialty stores.
About Taubman Asia
Taubman Asia is a subsidiary of Taubman Centers, Inc. - a global leader of the shopping center industry. Taubman Asia focuses on owning, managing, developing and acquiring high-quality and sustainable retail real estate projects in Asia that leverage Taubman's strong retail planning, design and operational capabilities.
Taubman has led the US shopping center industry for over 50 years. Today, Taubman Centers, Inc. (NYSE: TCO), a real estate investment trust, owns and/or manages the most consistent and productive regional mall portfolio in the US including 24 regional and super regional shopping centers in 11 US states. Taubman Asia is headquartered in Hong Kong. Additional information about Taubman Centers, Inc. can be obtained from the company's website at http://www.taubman.com .
About Lotte Department Store
Lotte Department Store is the retail subsidiary of the Lotte Group, founded in 1979 and headquartered in Sogong-dong Jung-gu, Seoul, Korea. Formerly known as Lotte Shopping Co., the Company operates its business mainly through two segments: department stores and hypermarkets. Lotte department stores and Lotte hypermarkets offer fashion clothes, accessories, F&B, electric products and luxury goods. In addition, the Company operates supermarkets, cinemas and shopping malls, as well as global F&B businesses and directly imports international fashion brands. The Company has 25 department stores, 56 hypermarkets, 82 supermarkets and 41 cinemas in Korea as of April 28, 2008. Since 1982 the business has been managed by Takashimaya of Japan.
About Songdo International Business District
Sondgo International Business District, the "Gateway to Northeast Asia," is being developed by Gale International in a 70/30 joint venture with POSCO E&C. Songdo International Business District (IBD) will be the first "new" city in the world designed and planned as an international business district. The US$30 billion, 100 million square foot master-planned metropolis will include fifty million square feet of office space, thirty million square feet of residential space, ten million square feet of retail, five million square feet of hotel space and ten million square feet of public space. When fully completed in 2014, Songdo IBD will be home to 65,000 people and 300,000 will work there. Songdo IBD is located within the Incheon Free Economic Zone.
Songdo IBD will offer every conceivable amenity including a world-class hospital, an international preparatory school, museums, a 100-acre Central Park, a 1.1 million square foot premium retail mall and the Jack Nicklaus Golf Club Korea. This new metropolis will be connected to the Incheon International Airport, one of the world's busiest, by a 7.4 mile highway bridge, and linked by subway to Seoul. Day travel is easy to China and Japan's major business centers. More than one third of the world's population lives within a three and a half hour flying radius. Additional information can be found at http://www.songdo.com .
About Gale International
Gale International is a premier international real estate investment and development company with headquarters in New York and offices in Boston; Irvine, California; Seoul and Songdo, South Korea.
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. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the filings of Taubman Centers, Inc. with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.
SOURCE Taubman Asia
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