The largest Real Estate Investment Trust in the U.S., Simon Property Group, today said it has entered into a definitive agreement to acquire 80 percent of Taubman Realty Group Limited Partnership for $3.6 billion in cash.
According to the terms of agreement, Simon through its operating partnership, Simon Property Group L.P. will acquire all Taubman common stock for $52.50 a share in cash and the Taubman family will sell about one-third of its ownership interest at the transaction price and remain a 20 percent partner, with the purchase price representing a 6.2 percent underwritten capitalization rate.
Rhoxanne Villaseñor is keeping her family's "rh" theme alive.
Like her brother, Rhuigi of Rhude Villaseñor has a background in design. She launched The Rhod, a jewelry brand named after her father, several years ago, around the same time that her brother launched his cult-favorite streetwear brand. The Rhod, Villaseñor said, was mainly costume jewelry made of brass with gold plating. She has since elevated to fine jewelry, working strictly with gold and diamonds for Rhox, her newest jewelry venture. "As I’m getting older, it was important for me to be true to myself," said Villaseñor. "The way we marketed and branded Rhox, it’s more studio-artistic. I’m using fruits to reflect body parts and shapes because I want people to visualize themselves without comparing [themselves to] another person. The images are vibrant, bright, and it’s a reflection of me and my spirit. I want to bring joy to people — I do it for a living." 🍋
Victoria’s Secret has been sold – and Les Wexner is stepping aside.
Parent company L Brands sold 55 percent of the intimates giant to Sycamore Partners for $525 million. The deal includes the Pink brand. Victoria’s Secret will become a private company, while L Brands’ remaining operation, Bath & Body Works, will become a standalone public firm.
Following the transaction, Wexner – who has come under fire over the last 18 months for Victoria’s Secret failure to adapt to changing market conditions, his relationship with Jeffrey Epstein and alleged sexual harassment at the company, will transition from chairman and chief executive officer to chairman emeritus of the company he founded.
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