Taubman

Taubman Asia Announces Lotte Department Store to Anchor Songdo IBD Shopping Center

Hong Kong, April 28, 2008 – Taubman Asia Management Limited, a subsidiary of U.S. mall REIT, Taubman Centers, Inc., today officially announced that Korean retail giant, Lotte Department Store, will anchor the shopping center at Songdo International Business District (Songdo IBD), Incheon, Korea. The twelve-level flagship store, which includes two levels of parking, will be approximately 48,500sqm (521,800 sq ft).

“This represents the first anchor deal to be completed for Songdo Shopping Center, and we are proud to have secured one of Korea’s best department store operators, setting the tone for the finest shopping experience in the region,” said Morgan Parker, president of Taubman Asia, the manager and developer of Songdo Shopping Center. “The 105,000 square meter (1.1 million square foot) shopping center will combine the essential ingredients of convenience and superior store merchandising, making this a truly world-class destination,” he added.

The double-level enclosed shopping center, designed by globally renowned architect Daniel Libeskind with interior design by Benoy, will be the first of its kind in Korea, created as an integrated space and will include a department store, a hypermarket, a multiplex cinema, a food court, an ice rink, and approximately 150 specialty stores.

About Taubman Asia
Taubman Asia is a subsidiary of Taubman Centers, Inc. – a global leader of 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.

Taubman has led the US shopping center industry for over 50 years. Today, Taubman Centers, Inc. (NYSE: TCO), a real estate investment trust, owns and/or manages the most consistent and productive regional mall portfolio in the US including 24 regional and super regional shopping centers in 11 US states. Taubman Asia is headquartered in Hong Kong. Additional information about Taubman Centers, Inc. can be obtained from the company’s website at www.taubman.com.

About Lotte Department Store
Lotte Department Store is the retail subsidiary of the Lotte Group, founded in 1979 and headquartered in Sogong-dong Jung-gu, Seoul, Korea. Formerly known as Lotte Shopping Co., the Company operates its business mainly through two segments: department stores and hypermarkets. Lotte department stores and Lotte hypermarkets offer fashion clothes, accessories, F&B, electric products and luxury goods. In addition, the Company operates supermarkets, cinemas and shopping malls, as well as global F&B businesses and directly imports international fashion brands. The Company has 25 department stores, 56 hypermarkets, 82 supermarkets and 41 cinemas in Korea as of April 28, 2008. Since 1982 the business has been managed by Takashimaya of Japan.

About Songdo International Business District
Sondgo International Business District, the "Gateway to Northeast Asia," is being developed by Gale International in a 70/30 joint venture with POSCO E&C. Songdo International Business District (IBD) will be the first “new” city in the world designed and planned as an international business district. The US$30 billion, 100 million square foot master-planned metropolis will include fifty million square feet of office space, thirty million square feet of residential space, ten million square feet of retail, five million square feet of hotel space and ten million square feet of public space. When fully completed in 2014, Songdo IBD will be home to 65,000 people and 300,000 will work there. Songdo IBD is located within the Incheon Free Economic Zone.

Songdo IBD will offer every conceivable amenity including a world-class hospital, an international preparatory school, museums, a 100-acre Central Park, a 1.1 million square foot premium retail mall and the Jack Nicklaus Golf Club Korea. This new metropolis will be connected to the Incheon International Airport, one of the world’s busiest, by a 7.4 mile highway bridge, and linked by subway to Seoul. Day travel is easy to China and Japan’s major business centers. More than one third of the world’s population lives within a three and a half hour flying radius. Additional information can be found at www.songdo.com.

About Gale International
Gale International is a premier international real estate investment and development company with headquarters in New York and offices in Boston; Irvine, California; Seoul and Songdo, South Korea.

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 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 filings of Taubman Centers, Inc. with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.

Contact Information
Barbara K. Baker
Vice President, Investor Relations
The Taubman Company
+1 248 258-7367
bbaker@taubman.com

Karen MacDonald
Director, Communications
The Taubman Company
+1 248 258-7469
kmacdonald@taubman.com

Pamela So
Weber Shandwick, Hong Kong
+852 2533 9916
pso@webershanwick.com

HyungWook Lim
Manager, Public Relations
Lotte Department Store, Korea
+82 2726 4422
chopin900@hanmail.net

Phillip Anderson
News Communications, Korea
+82 2 6323 5050
phillip.anderson@newscom.co.kr

Mary Lou DiNardo
Gale International/U.S. and international
+1 212 909 0340
tkpr1@aol.com

Hyewon Chang
Gale International - Domestic/ROK
+82 2 62603353
hwchang@galeintlkorea.com

Taubman Invests in The Mall at Studio City

Bloomfield Hills, Mich., February 1, 2008 - - Taubman Centers, Inc. announced today Taubman Asia is acquiring a 25 percent interest in The Mall at Studio City, the retail component of Macao Studio City, a major mixed use project currently under construction on the Cotai Strip in Macao, China.  In addition, Taubman Asia entered into long-term agreements to perform development, management and leasing services for the shopping center.

Taubman will fund an initial cash payment of US$54 million.  Taubman’s total investment in the project (including the initial payment, allocation of construction debt and additional payments anticipated in years two and five after opening) is expected to be approximately US$200 million, with an anticipated after tax return of about 10 percent, net of local Macao taxes.  The company’s investment is in a joint venture with Cyber One Agents Limited, the developer of Macao Studio City, and will be accounted for under the equity method.

Taubman’s payment will be placed into escrow subject to the following conditions:  eSun shareholder approval (the vote of which is expected in approximately 90 days) and the execution and delivery of loan documents in a sufficient amount, (along with equity) to build the project, expected to occur within the first half of 2008. 

Since its groundbreaking on January 10, 2007, Macao Studio City has welcomed other brands including the Ritz-Carlton, W Hotels, Marriott, Asian style icon, David Tang and Playboy Enterprises, to the more than US$2 billion project, offering international visitors, business travelers and corporate customers a unique leisure and entertainment experience.

The Mall at Studio City will include approximately 140 stores, including the ultimate collection of world-class luxury brands, many in flagship formats. The beautifully designed two-level shopping center with more than 600,000 square feet of leasable area will be accessible from all components of the integrated resort. Macao Studio City is strategically located Where Cotai Begins™, next to the Lotus Bridge immigration checkpoint, linking the complex directly to Zhuhai’s Hengqin Island.

“We are thrilled with the support and commitment Taubman Asia is receiving from the global retail community for The Mall at Studio City.  We are confident that we will deliver the best shopping experience in the region when we open,” said Morgan Parker, President of Taubman Asia.

“Macao is fast developing into one of the most exciting travel destinations in the world with a diverse tourist offering,” said Peter Lam, co-chairman of Macao Studio City.  “And shopping is one of the favorite activities of Asian travelers. Taubman’s expertise, combined with Macao Studio City’s in-depth knowledge of Asian customers, will undoubtedly make The Mall at Studio City the top choice for the millions of travelers who visit Macao.” 

“With The Mall at Studio City, we are bringing Taubman's unparalleled 58-year retail development, leasing and management expertise to one of the world’s most exciting marketplaces. Retail sales in Macao continue to register strong growth, with the most recent reports available recording 37% growth in the third quarter of 2007 when compared with the same period in 2006. Outstanding categories include time pieces and jewelry which enjoyed sales growth of more than 50% and adult apparel which grew at a rate of over 40% year on year,” said Morgan Parker. “We are creating a world-class shopping venue that will leverage this growth, delight customers, generate strong sales for retailers and provide excellent returns to our shareholders.”

Live and taped entertainment production activities will be brought to the floor level of the shopping center, creating the ambience of “feel like a star” among visitors in The Mall at Studio City, as they watch celebrities being filmed and get a chance to participate in some of the productions as interactive audience members.  

“This entertainment-infused retail environment is unique to Macao Studio City,” added David Friedman, co-chairman and co-chief executive officer of Macao Studio City. “Whether
it’s shopping, world-class hospitality offered by our four hotels, or glamorous nightlife options, including the Playboy Mansion Macao, fine-dining, cool lounges and live entertainment, all the offerings at Macao Studio City are anchored together to deliver the ultimate experience to our customers.”  

“Taubman’s investment in The Mall at Studio City reinforces our vision to be the place in Macao where super brands meet. The commitment of Taubman and our other partners will ensure that Macao Studio City will be the must-see, must-stay and must-return destination for visitors of Macao,” said Ambrose Cheung, co-chief executive officer of Macao Studio City.

 

About Taubman Centers/Taubman Asia

Taubman Asia is a subsidiary of Taubman Centers, Inc. (NYSE: TCO), a global leader of 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. Taubman Asia is headquartered in Hong Kong.

 

Taubman has been a pioneer of the U.S. shopping center industry for over 50 years. Today, Taubman Centers owns and/or manages the most consistent and productive regional mall portfolio in the U.S. including 24 regional and super regional shopping centers in 11 U.S. states. Taubman Centers is headquartered in Bloomfield Hills, Mich. U.S.A. For more information, please visit www.taubman.com.

 

About Macao Studio City

Macao Studio City is being developed by Cyber One Agents Limited, a joint venture between New Cotai, LLC and East Asia Satellite Television Holdings, a subsidiary of Hong Kong-based eSun Holdings (“eSun”; stock code: 571). Singapore’s CapitaLand owns 33.3 per cent of East Asia Satellite Television Holdings while eSun Holdings owns the remaining 66.7 per cent.

 

eSun Holdings is one of Asia’s leading media and entertainment companies and an associate company of Lai Sun Development (“LSD”; stock code: 488), a leading hotel and property developer. Both companies are part of Hong Kong’s Lai Sun Group.

 

New Cotai, LLC is a consortium of US-based investors, including the co-chairman and co-CEO of Macao Studio City, David Friedman. Mr. Friedman is a veteran resort and gaming developer who led Las Vegas Sands’ entry into Macao, and funds managed by Silver Point Capital, L.P., a private US-based investment firm, and Oaktree Capital Management, LLC, a global independent investment management firm.

 

CapitaLand is one of the largest listed real estate companies in Asia. Headquartered in Singapore, the multinational company's core businesses in real estate, hospitality and real estate financial services are focused in gateway cities in Asia Pacific, Europe and the Middle East. The company's real estate and hospitality portfolio spans more than 100 cities in over 20 countries. CapitaLand also leverages on its significant real estate asset base, financial skills and market knowledge to develop real estate financial products and services in Singapore and the region.

Contact Information

                        Barbara K. Baker                              Pamela So

                        Vice President, Investor Relations      Weber Shandwick, Hong Kong

                        +1 248 258-7367                                 +852 2533 9916

                        bbaker@taubman.com                             pso@webershanwick.com

 

                        Karen MacDonald                            Jacqueline Wu

                        Director, Communications                 Macao Studio City

                        +1 248 258-7469                                 +852 3760 2626

                        kmacdonald@taubman.com                     Fax: +852 3760 2673

                        www.taubman.com                                 Jacqueline.wu@macaostudiocity.com

 

Jane Ong

Burson-Marsteller

+852 2963 5672

Fax: +852 2856 1101

Jane.ong@bm.com

 

Taubman Asia Selected Macao Studio City Retail Partner

Executives Participate in Project Groundbreaking

Hong Kong, January 10, 2007 - - Taubman Asia announced that it has been selected as the preferred retail partner for Macao Studio City, Asia’s first leisure resort property combining theatre, television and film production facilities, retail, gaming, entertainment and world-class hotels located on prime land on the Cotai Strip of Macao. Today, Robert S. Taubman, Taubman Centers chairman, president and chief executive officer and Morgan B. Parker, president of Taubman Asia, participated in a ground breaking ceremony for the project.

Macao Studio City is being developed by Cyber One Agents Limited, a joint venture between Hong Kong-based eSun Holdings (through its subsidiary, East Asia Satellite Television Holdings) and New Cotai LLC.

eSun Holdings is one of Asia’s leading media and entertainment companies and an associate company of Lai Sun Development, a leading hotel and property developer. Both companies are part of Hong Kong’s Lai Sun Group. Singapore’s CapitaLand is a shareholder with eSun Holdings in East Asia Satellite Television Holdings owning 33.3 per cent of that venture.

New Cotai LLC is a consortium of US-based investors including David Friedman, a veteran resort and gaming developer who led Las Vegas Sands’ entry into Macao, and the private US-based investment firms, Silver Point Capital, L.P., and Oaktree Capital Management, LLC.

Taubman Asia has signed a term sheet to acquire a minority position in the retail component of Macao Studio City. In addition, Taubman will provide development, leasing and management services for the retail portion of the project. This is subject to definitive agreements to be completed in the first half of 2007.

“Macao is poised to become Asia’s number one tourist destination, with the region’s most recognizable hotels, casinos, convention centers and entertainment venues,” said Mr. Parker. “We are pleased to be working on a project of this magnitude with such esteemed partners.”

“We are pleased to involve Taubman Asia in this project,” said Mr. Peter Lam, co-chairman of Macao Studio City. “Taubman brings critical experience in the design, development and management of world-class retail destinations.”

Located on a peninsula that is a 45 minute ferry ride from Hong Kong, Macao is a Special Administration Region (SAR) of China with its own legislative government, similar to Hong Kong. This year, Macao is expected to overtake Las Vegas and become the world’s number one location for gaming revenues, which comprise 50 percent of Macao’s GDP. With 100 million people living within a 3 hour drive/ferry of Macao and 1 billion people living within a 3 hour flight, Macao is poised to become Asia’s number one tourist destination. Non-gaming spending in Macao is expected to increase over time as Macao evolves following the Las Vegas supply-driven model, and the critical mass of integrated resort offerings under development encourages leisure and convention/exhibition travelers to lengthen their visits.

About Taubman Asia
Taubman Asia is a subsidiary of Taubman Centers, Inc. a global leader of 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.

Taubman has been a pioneer of the U.S. shopping center industry for 50 years. Today, Taubman Centers (NYSE: TCO) owns and/or manages the most consistent and productive regional mall portfolio in the U.S. including 23 regional and super regional shopping centers in 11 US states. Taubman Asia is headquartered in Hong Kong. Additional information about Taubman Centers can be obtained from the company's website, 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.

Contact Information

Karen MacDonald Director, Communications
Taubman Centers, Inc.
Tel: +1 248- 258-7469
kmacdonald@taubman.com

Barbara Baker Vice President, Investor Relations
Taubman Centers, Inc.
+1 248- 258-7367
bbaker@taubman.com

Taubman and Gordon Group Secure Luxury-Retail Designer Peter Marino for Harrah's-Keppel Singapore Integrated Resort Bid

February 15, 2006; Taubman Asia and Gordon Group today announced the appointment of celebrated luxury-retail designer Peter Marino to design the retail component of the Harrah's Entertainment and Keppel Land's Marina Bay Integrated Resort Bid in Singapore. Peter Marino is the world's leading designer of luxury-retail stores. His projects include the flagship stores for Louis Vuitton, Chanel, Christian Dior, Fendi and Giorgio Armani in Tokyo, New York, Paris and Hong Kong.

This unique first-time collaboration between Taubman/Gordon, global leaders in casino-related retail projects, and Peter Marino will create a retail concept enticing the world's premium retailers and patrons.

"We invited Peter Marino to join our team as his expertise in designing world-class, cutting-edge luxury retail stores is unparalleled. We know Marino's designs will capture the attention of retailers worldwide, secure their interest in being part of the integrated resort and deliver to Singapore the ultimate retail experience," said Morgan Parker, President, Taubman Asia.

"We are delighted to work with Taubman/Gordon and their partners on this exciting bid that will further boost Singapore as a leading shopping destination. Having designed independent flagship stores for luxury retailers throughout the world, the Singapore Integrated Resort presents us with an unprecedented opportunity to create multiple flagship stores housing the world's top luxury fashion brands within one unified shopping and entertainment environment," said Peter Marino.

"Peter Marino adds a completely new level of expertise to our Marina Bay project team," said Richard Mirman, senior vice president for development, Harrah's Entertainment. "He brings a brand cache to the retail sector that is unequalled. Peter's vision will translate into an unsurpassed retail experience for the Marina Bay project."

Harrah's Entertainment and Keppel Land have entered into a Memorandum of Understanding to form a joint venture to bid for the Singapore Integrated Resort, which includes plans for Taubman/Gordon to develop a large-scale retail destination, designed by Peter Marino, comprising a collection of flagship luxury fashion stores and restaurants. The retail development is expected to act as a spine to the entire integrated resort including the casino, hotel, convention centre and museum. Harrah's and Keppel expect to submit their bid by March 29, and completion of the Singapore Integrated Resort is dependent on receipt of all necessary regulatory approvals, including the awarding of the project to the planned joint venture.

Taubman Centers, Inc. has 50 years experience in the retail industry and was recently selected as the retail advisor for MGM MIRAGE Project CityCenter - the largest private development in the United States - located on the Strip in Las Vegas.

Taubman Centers, Inc. and Gordon Group Holdings are currently working with Harrah's Entertainment on the $175 million project known as The Forum Shops at Caesars in Atlantic City, formerly The Pier at Caesars. The project is set to open in Atlantic City in late spring 2006, and will be home to more than 100 high-end retailers from Gucci and Louis Vuitton to Hugo Boss, Burberry and Tiffany & Co., and more than 10 restaurants.

About Taubman Asia

Taubman Asia is a global leader of the shopping centre industry. The company focuses on owning, managing, developing and acquiring high-quality and sustainable retail real estate projects in Asia that leverage Taubmanbs strong retail planning, design and operational capabilities. Taubman has led the US shopping centre industry for 50 years. Today, Taubman manages the most consistent and productive regional mall portfolio in the US including 22 regional and super regional shopping centers in 11 US states. Taubman Asia is headquartered in Hong Kong. Additional information about Taubman Centers (NYSE:TCO) can be obtained from the company's website www.taubman.com

About Gordon Group Holdings, LLC

Headquartered in Greenwich, Connecticut, Gordon Group Holdings, LLC, is recognized as a leader in developing specialty retail and entertainment destinations in the country. Gordon Group's unique retail and entertainment projects include co-development of The Forum Shops at Caesars Palace in Las Vegas, The Forum Shops at Caesars in Atlantic City, Mohegan Sun Casino in Uncasville, Bridgemarket in New York City, San Francisco Center, and The Beverly Center in Los Angeles with Taubman Centers, Inc. Currently the firm is in pre-development of Lac Mirabel, a 330 acre mixed use project north of Montreal, Canada.

About Harrah's Entertainment, Inc.

Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment through its operating subsidiaries. Since its beginning in Reno, Nevada 68 years ago, Harrah's has grown through development of new properties, expansions and acquisitions. Harrah's Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.

Peter Marino Architect Website: http://www.petermarinoarchitect.com/

Media Contacts:

Nea Ferrier / Pamela So Weber Shandwick in Hong Kong T: +852 2533 9985 / 9916 e: nferrier@webershandwick.com pso@webershandwick.com

Taubman Forms Taubman Asia; Morgan Parker to Lead Asian Initiative

BLOOMFIELD HILLS, Mich., April 11 /PRNewswire-FirstCall/ -- 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.

Released: April 11, 2005

Contact Information

Karen MacDonald Director, Communications
Taubman Centers, Inc.
Tel: (248) 258-7469
Fax:(248) 258-7697
kmacdonald@taubman.com

Barbara Baker Vice President, Investor Relations
Taubman Centers, Inc.
(248) 258-7367
bbaker@taubman.com

Taubman Centers Announces Korean Development Discussions With Morgan Stanley and Gale International

Taubman Centers Announces Korean Development Discussions With Morgan Stanley and Gale International

Representatives to Attend New Songdo City Groundbreaking Nov. 11

BLOOMFIELD HILLS, Mich., Nov 8, 2004 /PRNewswire-FirstCall via COMTEX/ -- Taubman Centers (NYSE: TCO) today announced that it has entered into discussions and signed a letter of interest with Morgan Stanley Real Estate Funds and Gale International. This outlines the process to form a company to exclusively develop the retail components of New Songdo City, Incheon, South Korea.

Upon final agreement, the new company would be granted an exclusive right to invest in and act as the managing general partner for a retail joint venture entity to be formed in 2005. If no final agreement is reached, the letter of interest will terminate automatically.

"We are pleased to be announcing the involvement of such well-recognized firms as Taubman Centers and Morgan Stanley in New Songdo City," said John B. Hynes, Gale International president and chief executive officer. "Taubman is the leading developer of high quality retail environments in the U.S. and Morgan Stanley has a proven record of investing in successful real estate projects around the world."

"We are delighted to be invited to participate in this exciting project," said Robert S. Taubman, Taubman Centers chairman, president and chief executive officer. "We hope to be in the position to move forward with the next steps over the next few months."

"We are excited to be part of New Songdo City and by the opportunity to jointly invest in the retail components of this project with two great organizations that are both long standing clients and partners of Morgan Stanley," said KS Sonny Kalsi, managing director and head of Morgan Stanley Real Estate in Asia.

New Songdo City is one of the largest, mixed-use development projects ever undertaken and is being developed by Gale International and POSCO E&C, jointly known as NSC Development Company. New Songdo City, the first ever U.S./Korea real estate venture, has been designated a Free Economic Zone (FEZ) which provides significant tax incentives for corporations and residents. Its website is http://www.newsongdocity.com .

Gale International and POSCO E&C's plan envisions New Songdo City to be built on 1,500 acres of reclaimed land along Incheon's waterfront at a cost of $20 billion. The city is expected to include fifty million square feet of office space, thirty million square feet of residential space, ten million square feet of retail, five million square feet of hotel space and ten million square feet of public space. Harvard University affiliate, Harvard Medical International, has been engaged as a development partner for medical facilities. The schools are being planned in conjunction with the Harvard Advisory Group. A consortium of six leading IT companies: Microsoft Corp, Hewlett-Packard, Sun Microsystems, YoungWoo & Associates, LG CNS and KT Corp. are providing technical support to the city. Plans also include a wide range of cultural and recreational amenities to be available, including a Jack Nicklaus golf course.

Gale International is an arm of The Gale Company, one of the world's largest privately held real estate companies. The Gale Company, headquartered in Florham Park, New Jersey, has offices in New York, Boston, Los Angeles, London and South Korea. Its services include asset management, investment, leasing, construction and property and facility management.

Gale International is the master developer of New Songdo City, the first ever U.S./Korea real estate venture. New Songdo City, the "Gateway to Northeast Asia," has been designated a Free Economic Zone (FEZ) which provides significant tax incentives for corporations and residents.

Morgan Stanley is a global financial services firm and a market leader in securities, asset management and credit services. With more than 600 offices in 27 countries, Morgan Stanley connects people, ideas and capital to help clients achieve their financial aspirations. The Morgan Stanley Real Estate Funds are Morgan Stanley sponsored equity funds within the firm's Real Estate Investing Group. MSREF pursues real estate investments worldwide. Since 1991, Morgan Stanley has been one of the most active real estate investors in the world acquiring approximately US$35 billion of assets globally.

Taubman Centers, Inc., a real estate investment trust, owns, develops, acquires and operates regional shopping centers across the U.S. Taubman Centers currently owns and/or manages 22 regional and super regional shopping centers in 10 states. In addition, Northlake Mall (Charlotte, N.C.) is under construction and will open September 15, 2005. Taubman Centers' website is 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, and include descriptions of current plans of Gale International with respect to New Songdo City. 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 internationally, political risk, availability of financing, adverse changes in the retail industry, and inability to reach a definitive agreement. 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.

Released: April 11, 2005

Contact Information

Karen MacDonald
Director, Communications Taubman Centers, Inc.
Tel: (248) 258-7469
Fax:(248) 258-7697
kmacdonald@taubman.com

Barbara Baker
Vice President, Investor Relations Taubman Centers, Inc.
(248) 258-7367
bbaker@taubman.com

Morgan Parker of Morgan Stanley 81 3 5424-6093
morgan.parker@morganstanley.com

Mary Lou DiNardo of Gale Media Relations
1-212-572-0767
tkpr1@aol.com