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Simon Property Group acquires majority interest in Houston Galleria

6/25/2010

Indianapolis Simon Property Group has acquired majority interest in the Houston Galleria, one of the five largest U.S. shopping malls, according to the Indianapolis Star.

The company paid $260 million, including the assumption of debt, to buy an additional 20% stake in the Texas mall from another investor, the report said.

The new stake gives Simon an ownership position in the mall of more than 52%. Simon bought a stake in the mall in 2002 and has been managing it.

The 2.4-million-sq.-ft. mall has 375 stores and restaurants and includes the first ice skating rink built inside of a mall.

Simon was recently thwarted in a bid it mounted with partners to buy bankrupt rival General Growth Properties for $33 billion.

 

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