As the biggest mall owner in the U.S., Simon plans to fund the $3.6 billion acquisition of fellow mall-owner Taubman (NYSE: TCO) with “existing liquidity,” according to a release announcing the deal.
Simon owns three shopping centers in Colorado: Colorado Mills in Lakewood, Denver West Village in Lakewood and Denver Premium Outlets in Thornton.
Taubman owns the upscale Cherry Creek Shopping Center in Denver.
Taubman will continue to manage its portfolio of 26 super-regional retail properties, most of which are in the U.S., under the direction of current Taubman Chairman, President and CEO Robert Taubman.
The deal will "enhance [Taubman's] ability to invest in innovative retail environments," according to the release.
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