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

HONG KONG, April 28 /PRNewswire-FirstCall/ -- 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).

(Logo: http://www.newscom.com/cgi-bin/prnh/20080428/CLM116LOGO )

"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 http://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 http://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.



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Source: Real Estate Newswire