Taubman to develop retail space in India

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US-based Taubman Centers Inc., a real estate investment trust, is set to develop retail property in India, and is in talks with several major developers for a joint venture.

“We are in talks with five major real estate developers in India. However, nothing has been finalised and we have not partnered with anybody. The company is definitely planning to develop retail space in the country,” Amit Shrivastva, Taubman official in India, told Indiaretailing.

However, industry sources say that the company is in talks with Unitech Group and Pacific Mall, and will start operations with a project in Mumbai.

Founded in 1950, Taubman Centers, Inc., a real estate investment trust, owns, develops, acquires and operates regional shopping centres across the United States. In 2007, the company’s sales per square foot averaged $555.

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