Simon Property Group, owner of both the King of Prussia Mall and Philadelphia Premium outlets in Limerick, has made a lot of headlines in the last year for their unique business moves, such as buying stores at their malls out of bankruptcy.
The real estate group looks to have an eye for continuing their innovative ways as it has been revealed they are planning to merge their company. The most unusual thing is, they are currently unsure who it is they want to merge with.
As reported by Don Seiffert of the Philadelphia Business Journal, Simon Property Group recently filed for what is known as a special purpose acquisition company (or SPAC) with a value of $300 million.
The filing further states that this merged company will be listed on the New York Stock Exchange, and the $300 million will be raised by selling 30 million shares for $10 apiece.
The most conspicuous thing that the filing lacks is a name for the company that Simon will be merging with, because there evidently is not a specific company in mind at this time.
Yet the new merged company does already have a name and CEO: the company will be called Simon Property Group Acquisition Holdings Inc. and will have Eli Simon as the CEO.
As far as the areas this new company will be focused on, they have named ideas that Simon is quite familiar with. Restaurants, retailers, and health and wellness are just a few of the potential focal points that have been listed thus far.
It remains to be seen where this new venture will wind up taking the innovative real estate group.
To learn more about the developments with Simon Property Group, read the article from the Philadelphia Business Journal by clicking here.