AIG Global Real Estate Selects Taubman to Lease and Manage IFC Mall in Seoul, South Korea

SEOUL, South Korea, Sept. 7 /PRNewswire-FirstCall/ -- IFC Seoul today announced that it has finalized an agreement with Taubman Asia to receive leasing and management services for IFC Mall in Yeouido, Seoul, South Korea.  Currently under construction, the approximate 430,000 square foot mall (40,000 square meters) is scheduled to open in late 2011, featuring up to 100 stores and restaurants including Youngpoong Bookstore, a two-level H&M, a CJ CGV nine-screen Cinema, and an international food emporium.  

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"We are pleased to have Taubman involved with IFC Mall and we believe Taubman will enhance the quality of the retail center, making it the preeminent shopping site for local residents, business travelers and guests," said William F. Freeman III, Managing Director of AIG Global Real Estate. "We believe that Taubman's expertise as a leading owner of world-class regional malls will ensure the success of the overall IFC project."

"We are honored to have been selected to be a part of this incredible retail project," said Robert Taubman, chairman, president and CEO of Taubman Centers, Inc.  "We are confident that our retail experience and reputation will make IFC Mall one of the most exciting shopping destinations in Seoul."

IFC Mall, Seoul is part of the IFC Seoul project, a 5.4 million square foot (500,000 square meters) mixed-use project featuring three office towers and a Conrad hotel.  It is being developed by AIG Global Real Estate in cooperation with the Seoul Metropolitan Government. The IFC Seoul project is a key component in the Seoul Metropolitan Government's plan to rejuvenate the Yeouido area and to position the area as North East Asia's financial center, creating employment opportunities and enriching the quality of life for local residents.

About IFC Seoul

The International Finance Centre Seoul (IFC Seoul) is a landmark 500,000 square meter / 5.4 million square foot world-class mixed-use project that includes three premium commercial office towers, a five-star hotel, a three-level luxury retail mall, multiplex cinema complex, fine dining and significant new public outdoor spaces. The project is located in the heart of Yeouido, with immediate access to major transportation systems. Upon completion, IFC Seoul will be one of the largest commercial mixed-use developments in Korea, as well as one of the only projects of such scope and scale pursuing certification as a green building. The development is the result of a unique collaboration between the Seoul Metropolitan Government and AIG Global Real Estate, which acts as the developer, finance arranger and project manager. The landmark project is expected to be completed in phases from 2011 through 2013. More information on the project can be found at www.ifcseoul.com.

About AIG Korean Real Estate Development

AIG Korean Real Estate Development YH, a member company of American International Group, Inc. ("AIG"), is a part of AIG Global Real Estate, a group of international real estate companies that actively invests in and manages real estate for clients in more than 50 countries around the world. Additional information on the company can be found at www.aigglobalrealestate.com.

About Taubman Asia

Taubman Asia is a subsidiary of Taubman Centers – a leader in the shopping center industry.  Taubman Asia focuses on owning, managing, developing and acquiring high-quality and sustainable retail real estate projects in Asia that leverage Taubman's strong retail planning, design and operational capabilities.

About Taubman Centers

Taubman Centers is a real estate investment trust engaged in the development, leasing and management of regional and super regional shopping centers. Taubman's 26 U.S. owned, leased and/or managed properties, the most productive in the industry, serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Michigan and its Taubman Asia subsidiary is headquartered in Hong Kong. Founded in 1950, Taubman celebrates its 60th anniversary in 2010.  For more information about Taubman, visit www.taubman.com.

For ease of use, references in this press release to "Taubman Centers", "Taubman Asia", "company" or "Taubman" mean Taubman Centers, Inc. or one or more of a number of separate, affiliated entities.  Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. (NYSE:  TCO) itself.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, 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 the continuing impacts of the U.S. recession and global credit environment, other changes in general economic and real estate conditions, changes in the interest rate environment and the 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 Taubman Centers recent Annual Report on Form 10-K.

SOURCE Taubman Centers, Inc.

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