![]() ![]() Two mall owners - CBL and Pennsylvania Real Estate Investment Trust - filed for Chapter 11 bankruptcy protection earlier this month. The pain has been especially strong from embattled department store chains like Bon Ton and Sears. Taubman quickly filed a counterclaim, and the two were headed to court.īut the announced revised terms signal there is hope in the retail real estate industry that traffic will rebound at America's best malls once a vaccine for Covid-19 is widely distributed and consumers regain confidence to head back to stores to shop.Įven prior to the pandemic, malls had been suffering from falling foot traffic with more people shopping online, and retail and restaurant tenants closing stores or going bankrupt. ABG and Simon Property Group each took a 37.5 ownership stake while Brookfield. Among other things, Simon was arguing that Taubman's portfolio of shopping malls were suffering more than some of its peers' during the pandemic, due to lack of tourism and luxury spending. In February, Simon Property Group, ABG and Brookfield finalized the acquisition of fast fashion retailer Forever 21. But the company then announced in June that it was exercising its contractual rights to terminate the deal. ![]() In February, prior to the coronavirus pandemic arriving in the United States, Simon had agreed to buy Taubman in a deal valued at $3.6 billion, eyeing Taubman's 26 high-end malls that include a handful in Asia. Simon and Taubman were set to face each other in Oakland County Superior Court in Michigan, beginning Monday, to negotiate the contested deal. 6:34AM EST S imon Property Group Acquisition, a blank check company formed by Simon Property Group, raised 300 million by offering 30 million units at 10. The companies also said that they have settled their pending litigation. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower 6:18PM EST S imon Property Group Acquisition, a blank check company formed by Simon Property Group, filed on Friday with the SEC to raise up to 300 million in an initial. Best Debt Consolidation Loans for Bad Credit Simon Property Group Acquisition Holdings Incs revenue jumped NaN since last year same period to 0Mn in the Q3 2022. ![]()
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