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BULLRING OPENS IN BIRMINGHAM, U.K.

BullRing, a 1.2 million-square-foot, $700 million mall in Birmingham, Britain’s second-largest city, opened Sept. 4. It is part of an urban revitalization effort tagged as Europe’s largest downtown retail redevelopment project. British department stores Debenhams and Selfridges anchor BullRing, which was built by London developers Hammerson, Henderson Global Investors and Land Securities. The center’s other retailers include Benetton, Gap, H&M, Next and Zara. BullRing replaces Bull Ring Shopping Centre, which was the largest center outside of North America when it opened in the 1960s.

MAJORITY OF TAUBMAN COMMON SHARES TENDERED

Taubman Centers shareholders have tendered 64 percent of the company’s common shares to Simon Property Group and Westfield America, in response to a $20 per share takeover bid. Simon and Westfield extended their offer until midnight, Oct. 3, 2003 — the fourth time that has happened since Simon began bidding in November 2002. The offer had been set to expire Aug. 29.

GGP ACQUIRES LYNNHAVEN MALL

General Growth Properties has bought the 1.2 million-square-foot Lynnhaven Mall, Virginia Beach, Va., from the New York State Teachers’ Retirement System for $265 million. The center, anchored by Dillard’s, Hecht’s, J.C. Penney and Lord & Taylor, generates sales of about $410 per square foot, according to General Growth. The company estimated the capitalization rate at 7.8 percent, according to a Morgan Stanley report. The mall will get several new tenants, including a Barnes & Noble, a number of restaurants and an 18-screen AMC cinema, in a space formerly occupied by a Montgomery Ward.

PREIT BUYS OUT PARTNER IN PHILLY-AREA MALL

Pennsylvania Real Estate Investment Trust (PREIT), up to now a minority owner of Philadelphia-area Willow Grove (Pa.) Park, has paid $122.3 million to be its sole owner. The deal is the latest in a series of acquisitions by the company, which in May agreed to acquire Crown America Realty Trust and in June closed on six malls from The Rouse Co. PREIT bought the 70 percent stake in the 1.2 million-square-foot Willow Grove from the Pennsylvania State Employee Retirement System. Willow Grove’s anchors are Bloomingdale’s, Macy’s, Sears and Strawbridge’s. PREIT says the mall has sales per square foot of $413 and that it sold at a 9 percent capitalization rate.

NEW YORK OWNER TO BUY EIGHT CENTERS

Cedar Shopping Centers, a Port Washington, N.Y., owner-developer, is buying eight community centers from several owners for $150 million and has filed with the Securities and Exchange Commission to trade on the New York Stock Exchange. Seven of the centers are in Pennsylvania and one is in Connecticut.