Mall Operator Simon Property Group Goes on Shopping Spree
Simon Property Group (NYSE: SPG) has $6 billion burning a hole in its pocket and it's starting to go on a spending spree.
After helping to buy fast-fashion retailer Forever 21 out of bankruptcy for $81 million, the shopping mall operator has now acquired an 80% interest in industry peer Taubman Centers (NYSE: TCO), which operates regional and super-regional malls, for $52.50 per share cash, or $3.6 billion.
Although we're in the midst of what's still being described as a retail apocalypse, one that could last for another two years, Simon Property Group obviously doesn't agree this is end times for shopping malls and still sees opportunistic deals that can be made.
Source Fool.com
