Sale of Mall at Green Hills owner in limbo

The real estate giant that four months agreed to pay $3.6 billion for the majority of the owner of The Mall at Green Hills and about 25 other properties has filed court papers to spike that deal.

Simon Property Group executives on Wednesday said they have the right to pull out of their agreement to buy Taubman Centers because the latter has suffered a so-called “material adverse event” due to the COVID-19 pandemic. Specifically, Simon officials say Taubman’s high-end properties have been particularly badly hurt by the pandemic and they allege that the company has not taken appropriate steps to cut costs in response.