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Simon Property Group history
Simon Property Group company history timeline
In December 1993, they took their interests public as Simon Property Group in the largest initial public offering of a real estate investment trust to date.
Headquartered in Indianapolis, Indiana, Simon Property Group (SPG) formed in 1993 when the shopping center division of Melvin Simon & Associates became a publicly-traded company.
With an M.B.A. from Columbia University and a background as a Wall Street investment banker, David entered MSA as its executive vice-president and chief financial officer, becoming president and chief executive officer in 1994.
Simon Property merged with the newly public DeBartolo Realty Corporation, owner of the real estate assets of Edward J. DeBartolo Sr., in 1996 to form Simon DeBartolo Group.
In 1997, Simon created an innovative marketing initiative, Simon Brand Ventures (SBV), which was designed to capitalize on economies of scale.
In 1997, the company acquired The Retail Property Trust for $1.2 billion in a hostile takeover.
In early 1999, the company announced a partnership with Time Inc.
In 1999, the company acquired 14 shopping centers from New England Development for $725 million.
According to Forbes, it is considered one of the Top 2000 Largest Public Companies in the World.
In 2000, Simon and several other large mall developers joined forces to create a new company, MerchantWired Inc., that would handle technology upgrades at hundreds of malls nationwide.
In late 2002, Simon launched what proved to be a lengthy battle to take over Taubman Centers Inc., a Bloomfield Hills, Michigan-based developer.
In 2002, in partnership with Westfield Group and The Rouse Company, the company acquired 13 properties from Rodamco North America including Copley Place, Houston Galleria, and SouthPark Mall.
In January 2003, Westfield joined Simon, and the two companies raised the offer for a Taubman buyout.
In 2003 a federal judge ruled that Simon had to sell the 27.5 percent back to the Ghermezians—who would then become the managing partner of the mall—because Simon had conducted the deal in an underhanded, covert manner, violating its fiduciary duty.
In 2003, Simon acquired a majority interest The Kravco Company, owner of the King of Prussia, for $300 million.
In 2004, the company entered the outlet mall business with the acquisition of Chelsea Property Group Inc. for $3.5 billion.
An appeals ruling in 2005 confirmed the spirit of that ruling, though Simon was compelled to sell only half of the 27.5 percent to the Ghermezians.
The company unveiled a plan in 2005 to forge partnerships to develop nonretail properties—such as condominiums or hotels—on land adjacent to its shopping centers.
Richard Sokolov, Simon's chief operating officer, echoed that strategic viewpoint in a 2006 WWD article, stating, "Our focus right now is just making each of our properties the best that it can be."
In April 2007, Simon and Farallon Capital acquired the Mills Corporation.
In 2009, Simon tried to buy malls owned by General Growth Properties.
In September 2011, Simon acquired Southdale Center in Edina, Minnesota.
On August 1, 2013, Toronto Premium Outlets opened in Halton Hills, Ontario, Canada.
In May 2014, the company completed the corporate spin-off of Washington Prime Group, headed by Mark Ordan, the final CEO of Mills Corporation.
In October 2014, Premium Outlets Montreal, the second Premium Outlet Center in Canada, opened.
In January 2015, Washington Prime Group acquired Glimcher Realty Trust and was renamed WP Glimcher.
In March 2015, the company offered $23.3 billion for Macerich; however the offer was rejected and withdrawn in April 2015.
In May 2018, Premium Outlet Collection YEG opened at Edmonton International Airport.
On March 18, 2020, the company announced the closure of its United States shopping malls until March 29, due to the COVID-19 pandemic.
Also in August 2020, in partnership with Authentic Brands Group, the company acquired Brooks Brothers and Lucky Brand Jeans.
"Simon Property Group Inc. ." International Directory of Company Histories. . Retrieved June 21, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/simon-property-group-inc
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Simon Property Group may also be known as or be related to Simon Property Group, Simon Property Group Inc, Simon Property Group Inc. and Simon Property Group, Inc.