Taubman Forms Taubman Asia; Morgan Parker to Lead Asian Initiative
BLOOMFIELD HILLS, Mich.
Taubman Centers (NYSE: TCO) today announced the formation of Taubman Asia which will be the platform for Taubman's future expansion into the Asia-Pacific region. Taubman Asia will be headquartered in Hong Kong and will seek projects that leverage Taubman Centers' strong retail planning, design and operational capabilities.
Morgan Parker Brings Leadership Skills and Experience to Taubman Asia
Taubman Asia will be led by Morgan Parker, president, who brings a critical set of skills and experiences to the role. Formerly a vice president of Morgan Stanley, Mr. Parker was based in Tokyo where he oversaw Morgan Stanley Real Estate Fund's (MSREF) retail investment and management businesses in Asia. He also served as president of Promena Retail Properties, a wholly owned subsidiary of MSREF that specializes in retail asset and property management in Japan. Prior to joining Morgan Stanley, Mr. Parker had seven years experience with Lend Lease and Macquarie Bank in Asia. During this time he was responsible for a variety of real estate investment, development, management and advisory initiatives. Mr. Parker has led businesses and completed projects in China, Korea, Japan, Taiwan, Singapore, and Indonesia. He is a native of Australia and holds a law degree from Bond University, Australia.
"I am looking forward to creating value for Taubman's investors in Asia," said Mr. Parker. "These are dynamic growing economies where there is significant opportunity for profitable retail real estate investment. We are well-positioned to take advantage of this tremendous economic and consumer growth with world-class retail capabilities and the prospect of collaborating with experienced and innovative partners."
Taubman Asia, along with MSREF, is currently evaluating opportunities in the region, including the previously announced New Songdo City project in Incheon, South Korea.
"With the formation of Taubman Asia, we have created a platform to augment our domestic development opportunities to provide incremental growth," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "We are fortunate to have a dynamic and experienced Pan-Asian real estate professional like Morgan Parker to head this organization. We believe that Taubman Asia provides a platform for growth that will extend our expertise, while maintaining our successful U.S. business activities."
Taubman Centers, a real estate investment trust, owns and/or manages 22 regional and super regional shopping centers in 10 states. In addition, two centers are under construction. Northlake Mall (Charlotte, N.C.) is scheduled to open September 15, 2005 and The Pier at Caesars (Atlantic City, N.J.) is scheduled to open in early 2006. The company is headquartered in Bloomfield Hills, Mich. Additional information about Taubman Centers can be obtained from the company's website at http://www.taubman.com/ .
This press release contains forward-looking statements within the meaning of the Securities Act of 1933 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 availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.
SOURCE: Taubman Centers, Inc.
CONTACT: Barbara K. Baker, Vice President, Investor Relations,
+1-248-258-7367, or email@example.com , or Karen MacDonald, Director,
Communications, +1-248-258-7469, or Kmacdonald@taubman.com , both of Taubman
Web site: http://www.taubman.com/