Simon Property Group, Inc.
Acquisitions
4
Major Deals Covered
$8.5B
Disclosed Deal Value
Simon Property's largest disclosed acquisition here is Chelsea Property Group for $5.1B in 2004. This page covers 4 major deals from 2004 to 2025, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Chelsea Property Group | 2004 | $5.1B | Expand Simon's Premium Outlets platform. |
| Mills Corporation interests | 2007 | Undisclosed | Add large-format retail and entertainment destinations through a 50-50 joint venture with Farallon Capital Management, completed via a $25.25-per-share cash tender offer. |
| Taubman Realty Group stake | 2020 | $3.4B | Acquire an 80% interest in Taubman Realty Group, completed December 2020 at a renegotiated $43 per Taubman share, down from $52.50. |
| Remaining 12% of Taubman Realty Group | 2025 | Undisclosed | Take full ownership of Taubman's Class A mall portfolio. |
2025
Take full ownership of Taubman's Class A mall portfolio.
Paid with 5,060,000 Simon operating-partnership units; Q4 2025 results included a $2.89B non-cash remeasurement gain.
Management said the deal would be accretive in 2026 with the full benefit in 2027.
2020
$3.4B
Acquire an 80% interest in Taubman Realty Group, completed December 2020 at a renegotiated $43 per Taubman share, down from $52.50.
Broadened Simon's Class A mall platform through a strategic ownership interest during pandemic-era retail stress.
Taubman's premium malls remain a distinct, higher-end tier within Simon's broader portfolio.
2007
Add large-format retail and entertainment destinations through a 50-50 joint venture with Farallon Capital Management, completed via a $25.25-per-share cash tender offer.
Expanded Simon's retail-center formats beyond traditional malls and outlets.
Simon later bought out Farallon's share of several Mills properties, folding them fully into its portfolio.
2004
$5.1B
Expand Simon's Premium Outlets platform.
Made outlets a defining growth engine for Simon, completed October 14, 2004 for about $5.1-5.2 billion including assumed debt.
Premium Outlets became one of Simon's core, most resilient property types.
Simon grows by redeveloping existing centers rather than building new malls: replacing vacant department stores with dining, fitness, hotels and apartments, adding mixed-use density on surplus land, and expanding Premium Outlets with partners in Asia and Europe. It also buys out partners in high-quality assets, as with the 2025 purchase of the remaining 12% of Taubman Realty Group for 5.06 million operating-partnership units.
Simon is an equity REIT, so most revenue is lease income from retailers, restaurants and entertainment tenants in its malls, Premium Outlets and Mills centers. Leases combine fixed base minimum rent with tenant recoveries and, in some cases, overage rent tied to tenant sales. Smaller streams include management and development fees from joint-venture properties, Simon Brand Ventures sponsorship and gift-card income, and returns on investments such as its stake in European landlord Klépierre and its minority interest in Catalyst Brands, the retail operator formed in January 2025 by combining SPARC Group and JCPenney.
In December 2020, Simon acquired an 80% stake in Taubman Centers (TRG) for approximately $3.4 billion ($43.00/share), acquiring some of the highest-sales-productivity luxury malls in the US (such as The Mall at Short Hills and International Plaza) and completing the buyout of the remaining 20% in 2025.
In October 2004, Simon acquired Chelsea Property Group for $3.5 billion, absorbing 35 premier outlet centers and launching Simon into undisputed global leadership in the designer outlet sector under the Premium Outlets brand.
In April 2007, Simon teamed with Farallon Capital to acquire The Mills Corporation for $7.9 billion, adding 17 super-regional experiential value-retail centers including Sawgrass Mills, Arundel Mills, and Grapevine Mills.
In September 1998, Simon acquired CPI for $5.8 billion, securing crown-jewel Class-A malls like Roosevelt Field, SouthPark Mall in Charlotte, and Lenox Square in Atlanta, cementing Simon's status as the top owner of high-end regional shopping centers.
In 1996, Simon merged with DeBartolo Realty Corp in a $3 billion deal, combining 111 shopping malls across 32 states to create Simon DeBartolo Group, the largest real estate company in the United States.
In 2002, Simon, Westfield America, and The Rouse Company jointly acquired Dutch mall owner Rodamco North America for $5.3 billion, with Simon taking ownership of 13 premier regional malls including Copley Place in Boston and The Galleria in Houston.
In March 2012, Simon acquired a 28.7% equity interest in French commercial REIT Klépierre from BNP Paribas for $2.0 billion (€1.5B), creating an immediate gateway into premier shopping centers across Western Europe.
During JCPenney's Chapter 11 bankruptcy in late 2020, Simon and Brookfield Asset Management formed a joint venture to acquire JCPenney's operating assets for $800 million in cash and debt assumption, preserving hundreds of anchor department store locations across their malls.
Through SPARC Group (a joint venture with Authentic Brands Group), Simon participated in buying Aéropostale (2016), Forever 21 (2020), Brooks Brothers (2020), Lucky Brand (2020), and Eddie Bauer (2021) out of bankruptcy.
In January 2025, Simon and Authentic Brands Group consolidated SPARC Group's retail apparel operations with JCPenney into Catalyst Brands, streamlining supply chains and omni-channel retail distribution.
In March 2015, Simon launched a $22.4 billion hostile takeover bid for mall rival The Macerich Company ($95.50 per share). Macerich rejected the offer and adopted poison pill defenses, leading Simon to withdraw and focus on redeveloping its own portfolio.
Simon acquires strictly accretive Class-A real estate with sales productivity over $800/sq ft, dominant geographic capture, irreplaceable zoning barriers, and substantial mixed-use redevelopment upside.
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