Simon Property Group
From Wikipedia, the free encyclopedia
 |
This article needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (September 2007) |
 |
|
| Type | Public (NYSE: SPG) |
|---|---|
| Genre | Malls, shopping centers, outlet malls |
| Founded | 1993 |
| Founder(s) | Melvin, Herbert, and Fred Simon |
| Headquarters | Indianapolis, Indiana,  United States |
| Number of locations | 41 U.S. states plus Puerto Rico, Japan, China, South Korea, Mexico, France, Italy, and Poland |
| Industry | real estate investment trusts |
| Website | simon.com |
Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers, The Mills, community/lifestyle centers and international properties. It currently owns or has an interest in 387 properties comprising 263 million square feet of gross leasable area in North America, Europe and Asia. The Company is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG.
Contents |
[edit] History
Simon Property Group was formed in 1993 when the majority of the shopping center interests of Melvin Simon & Associates became a publicly traded company. Melvin Simon & Associates, owned by brothers Melvin Simon and Herbert Simon, had been founded in 1960 in Indianapolis, Indiana, and had long been one of the top shopping center developers in the United States.
In 1996 Simon DeBartolo Group was formed with Simon Property's merger with former rival DeBartolo Realty Corp.[1] DeBartolo Realty had recently become a publicly traded company itself and encompassed the shopping mall interests of the Edward J. DeBartolo Sr. family, another leading developer. Simon DeBartolo rapidly acquired assets in the then fragmented industry, notably The Retail Property Trust and a group of properties held by IBM's pension plan in 1997 and Corporate Property Investors (CPI) in 1998. Following the CPI acquisition in 1998, the company announced it was reverting to its original name, Simon Property Group, as the DeBartolo family was resuming its private real-estate development operation, while retaining their interest in Simon.
Simon continued to be a prolific acquirer of shopping centers, including a portfolio from New England Development in 1999, several prime properties from Rodamco North America in 2002 (including Houston Galleria and SouthPark Mall), several high-profile properties such as Dadeland Mall, Fashion Valley Mall, Newport Centre Mall, Rockaway Townsquare Mall, and Stanford Shopping Center, and in 2004 Chelsea Premium Outlets. In 2003 Simon became a co-owner of The Kravco Company, which changed its name to Kravco Simon. On April 3, 2007, a partnership including Simon agreed to acquire the Mills Corporation.[2]
[edit] Simon gift cards
Simon is known for its line of cobranded VISA gift cards campaigns associated with local malls, specific organizations, such as Purdue University or Boston Celtics, or upscale properties, such as King of Prussia Mall, Stanford Shopping Center and The Forum Shops at Caesars. In 2006, Simon signed a agreement with the Susan G. Komen for the Cure organization to create the "Simon Pink Ribbon Giftcard" to benefit breast cancer awareness efforts. From each gift card sold since Summer 2006 at select Simon malls, Simon donates $1[3] from the card's $2.95 handling fee[4] to the Susan G. Komen for the Cure organization.
[edit] See also
[edit] References
- ^ Kumer, Ken (1996-03-27). "SIMON, DEBARTOLO MALL PROPERTY GROUPS JOIN FORCES". djc.com. Seattle Daily Journal and djc.com. http://www.djc.com/news/re/10008055.html. Retrieved 2007-10-08.
- ^ Simon Property Group Inc SPG (NYSE), Reuters. Accessed September 17, 2007. "On April 3, 2007, SPG-FCM Ventures, LLC, a joint venture between an entity owned by Simon Property and funds managed by Farallon Capital Management, L.L.C., completed the acquisition of The Mills Corporation."
- ^ "News for Austin, Texas | KVUE.com | Local News". KVUE.com. 2006-09-15. http://www.kvue.com/news/local/stories/091606kvuekomen-eh.120e1c8c.html. Retrieved 2009-07-17.
- ^ "Simon Giftcard Cardholder Agreement". Simon.com. https://www.simon.com/giftcard/terms_and_conditions.aspx?fees=1&giftcard=2#fees. Retrieved 2009-07-17.
