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US: Mall tycoon surprises investors with $4.3B purchase

 |  September 17, 2014

The owner of property giant Simon Property Group surprised investors this week when it announced plans for its spun-off investment trust to acquire Glimcher Realty Trust in a $4.3 billion takeover.

According to reports, Washington Prime Group will acquire Glimcher and its more than 20 malls. The move surprised some, report say, as Simon had spun off its mall assets into Washington Prime, suggesting it would focus on higher-end retail properties.

But with Washington Prime’s purchase, the company appears to still be interested in the traditional strip mall, as Simon and his company still hold significant ties to the growing Washington Prime.

The takeover remains subject to regulatory approval as well as the clearance from shareholders.

Full content: Wall Street Journal

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