Simon Property Group, Inc. history, profile and corporate video
Simon Property Group, Inc. is an American real estate investment trust (REIT) headquartered in Indianapolis, Indiana, United States. It is engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations. It owns interests in more than 200 properties across North America, Europe, and Asia.
Simon Property Group traces its history back to 1960 when brothers Melvin Simon and Herbert Simon began developing strip malls in Indianapolis, Indiana.
In December 1993, Melvin Simon and Herbert Simon took their interests public as Simon Property Group.
In 1996, Simon Property merged with DeBartolo Realty Corp. to form Simon DeBartolo Group.
In 1997, the company acquired The Retail Property Trust. It also acquired 12 malls from IBM‘s pension plan, in a partnership with Macerich.
In 1998, the company acquired Corporate Property Investors and was renamed Simon Property Group. It also acquired an ownership interest in Groupe BEG, S.A., operator of shopping centers in Europe.
In 1999, Simon acquired 14 shopping centers from New England Development
In 2002, in partnership with Westfield Group and The Rouse Company, Simon acquired 13 properties from Rodamco North America.
In 2003, the company acquired a majority interest in The Kravco Company, owner of the King of Prussia.
In 2004, Simon entered the outlet mall business with the acquisition of Chelsea Property Group Inc.
In 2007, Simon and Farallon Capital acquired the Mills Corporation.
In 2010, the company acquired Prime Retail’s Prime Outlets-Puerto Rico.
In 2011, the company acquired Southdale Center in Edina, Minnesota.
In 2014, Simon completed the corporate spin-off of Washington Prime Group.
In 2015, Washington Prime Group acquired Glimcher Realty Trust and was renamed WP Glimcher.
In 2016, in partnership with Authentic Brands Group and GGP Inc., Simon acquired Aéropostale.
In 2020, in partnership with Authentic Brands Group, the company acquired Forever 21, Brooks Brothers and Lucky Brand Jeans.
In December 2020, the company acquired Taubman Centers. It also acquired J.C. Penney in partnership with Brookfield Asset Management.
Subsidiaries:
- Simon Malls
- Premium Outlets
- The Mills
- Kravco
- Klépierre
- Taubman Centers
- JCPenney
With more than 3,300 employees, Simon Property Group, Inc. is considered one of the largest owners of shopping malls in the United States. According to Forbes, it is considered one of the Top 2000 Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, business.simon.com and www.simon.com.
**Video published on YouTube by “SIMON“.