Simon Property Group, Inc. is an American commercial real estate company, the largest retail real estate investment trust (REIT), and the largest shopping center operator in the US.
The company operates five retail real estate platforms: regional mall, premium outlet center, The Mills, community center/lifestyle and international property. It has or has interest in over 325 properties comprising approximately 241,000,000 square feet (22.4 million m 2 ) of the gross leasable areas of North America and Asia. The company is headquartered in Indianapolis, Indiana and employs over 5,000 people. It is publicly traded on the NYSE under the SPG symbol and is part of the S & P 100.
Simon Property Group has been the subject of several lawsuits and investigations related to civil rights and discrimination.
Video Simon Property Group
History
Simon Property Group was formed in 1993 when most of Melvin Simon & amp; Partners become publicly traded companies. Melvin Simon & amp; The partnership, owned by brothers Melvin Simon and Herbert Simon, was founded in 1960 in Indianapolis, Indiana, and has long been one of the leading developers of shopping centers in the United States.
In 1996, Simon DeBartolo Group was formed when Simon Property joined former rival DeBartolo Realty Corp. It was not long after DeBartolo Realty became a public company covering the interests of the Edward J. DeBartolo Sr. family shopping center, another leading developer. Simon DeBartolo quickly acquired assets in an industry that was then fragmented. Important acquisitions included The Retail Property Trust and a group of properties owned by IBM's retirement plan in 1997 and Corporate Property Investors (CPI) in 1998. After the acquisition of CPI in 1998, the company announced it was returned to its original name, Simon Property Group, due to the DeBartolo family continued their personal real estate development operations, while retaining their interest in Simon.
Simon continues to be a prolific earner of shopping centers, including a portfolio of New England Development in 1999; several major properties of Rodamco North America in 2002 (including Houston Galleria in Houston, Texas and SouthPark Mall in Charlotte, North Carolina); several famous properties such as Dadeland Mall, Fashion Valley Mall, Copley Place, the Fashion Center at Pentagon City and Stanford Shopping Center; and in 2004, Chelsea Premium Outlets (now simply named "Premium Outlet"). In 2003, Simon became a co-owner of the Kravco Company, which became Kravco Simon. On April 3, 2007, a partnership including Simon agreed to acquire Mills Mills.
In June 2011, Simon partnered with Nintendo to provide free Wi-Fi 3DS hotspots in nearly 200 malnya. This is then expanded or changed to provide compatibility for laptops and mobile devices.
In December 2013, Simon announced it would form REIT from its small mall and community shopping mall called Washington Prime Group (Originally named SpinCo). Spin-offs were made in May 2014 and led by Mark Ordan who was the last CEO of Mills Corporation purchased by Simon. Regional malls in WPG are still managed by Simon and marked as Simon Properties on the website and inside their malls until early 2016, while Washington Prime manages "strip centers" of in-house portfolios. In September 2014, WPG announced to acquire Glimcher Realty Trust and its properties, where Washington Prime Group will be renamed WP Glimcher when the deal is made. The deal was completed in January 2015. As part of the deal, Simon acquired Jersey Gardens (renamed "The Mills at Jersey Gardens" and added to the Mills portfolio) at Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, while WP Glimcher bought Brunswick Square in East Brunswick, New Jersey from Simon.
Maps Simon Property Group
Recent acquisition offer
General Growth Properties
On November 29, 2009, the Financial Times reported that Simon might have been trying to acquire a failed General Competition Growth Properties operating under Chapter 11 bankruptcy protection. If GGP had been acquired in its entirety, such an agreement would be worth up to $ 30 billion at the time. Simon hires a property investment firm Cohen & amp; Steers, J.P. Morgan, as well as investment bank Lazard and Wachtell Lipton Rosen & amp; Katz law firm to explore the possibility of acquiring GGP.
On February 16, 2010, Simon announced that they bid on February 8 to acquire General Growth Properties in a deal worth $ 10 billion. However, the offer was rejected by General Growth twice during the week it was announced. On February 19, 2010, a GGP shareholder filed a lawsuit against Young Company Bucksbaum for refusing Simon's offer, accusing chairman John Bucksbaum and six other board members of violating their fiduciary duty to Investors GGP. Growing General Council likes investment deals from Brookfield Asset Management for $ 2.6 billion.
Simon's next step, on April 14, 2010, is announcing a $ 2.5 billion equity investment offering that matches the price per share of Brookfield's offerings. Simon claims that the deal is more profitable for GGP and its shareholders than Brookfield's offer, stating that it would eliminate highly dilutive warrants that GGP would issue to Brookfield, Pershing Square and Fairholme Capital. Simon's offer also includes a joint investment commitment by Paulson & amp; Co is worth $ 1 billion. Simon Property Group does not rule out a full takeover of General Growth, claiming that their investment offer will give them more time to settle their differences on antitrust issues.
On May 7, 2010, Simon Property Group decided to withdraw its proposed acquisition and recapitalization for the General Growth Property.
Primary Outlets
On December 8, 2009, Simon Property Group was offered the sale of Prime Outlet's Prime Outlet portfolio of $ 2.24 billion, including centers in Williamsburg, Virginia, San Marcos, Texas and Hagerstown, Maryland. In May 2010, Simon surprisingly obtained Prime Outlets-Puerto Rico at Barceloneta, named "Puerto Rico Premium Outlets." However, at the time, Simon did not acquire the entire portfolio, excluding the Prime Outlet center at St. Augustine, Florida where Simon's Premium Outlet mall is located. Finally, on August 30, 2010, Simon officially acquired the Prime Retail portfolio of twenty one shopping centers, including Barceloneta, a Puerto Rico location acquired in May 2010. Three properties exclude: St. Augustine, Florida indoors, and developments in Grand Prairie, Texas and Livermore Valley, California. The acquired property receives the Premium Outlet brand only after the completion of the agreement. Developments in Grand Prairie, Texas and Livermore Valley, California were acquired in 2012, just months after their opening, and renamed "Premium Outlets."
Capital Shopping Center
At the end of 2010, Simon Property Group sought to acquire a UK-based retail investment group Capital Shopping Center (CSCG) after CSCG signed an agreement with Peel Group to acquire Trafford Center. This offer was later rejected by shareholders of the Capital Expenditure Center in EGMS, with shareholders, many of whom are South Africans, instead opting for an agreement with Peel Group.
Premium Outlet Expansion to Canada
On August 1, 2013, the Toronto Premium Outlet opens in Halton Hills, Ontario, Canada. The Montreal Premium Outlet, which is the second Premium Outlet Center located in Canada opened in October 2014.
References
External links
- Official website
Source of the article : Wikipedia
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