NEW YORK — Simon Property Group Tuesday exercised its option to buy Sheldon Gordon’s stake in the Forum Shops at Caesars in Las Vegas for $174 million, thereby blocking arch rival Taubman Centers from getting involved in the premium shopping site.

Yet, Taubman benefits indirectly from Simon’s move anyway. Upon the transaction’s closing, Gordon will invest, on an aftertax basis, $50 million of the cash proceeds from the Forum deal in Taubman in exchange for 2.08 million Taubman operating partnership units at $24 a unit.

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