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BUSINESS
August 28, 1998
Mills Corp. sued sometime-partner Simon DeBartolo Group Inc., claiming it violated an agreement by planning a factory outlet mall outside Houston, just two miles from a similar Mills' project, without first offering Mills a 50% stake. Simon DeBartolo representatives branded the suit frivolous, adding that its project will feature high-end outlet stores rather than the value-oriented retailers in Mills' projects.
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BUSINESS
August 28, 1998
Mills Corp. sued sometime-partner Simon DeBartolo Group Inc., claiming it violated an agreement by planning a factory outlet mall outside Houston, just two miles from a similar Mills' project, without first offering Mills a 50% stake. Simon DeBartolo representatives branded the suit frivolous, adding that its project will feature high-end outlet stores rather than the value-oriented retailers in Mills' projects.
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BUSINESS
August 2, 1997 | From Bloomberg News
The U.S.'s largest mall developers have formed an alliance to market a Visa credit card that consumers can use at their properties to gain discounts on future purchases. Led by Indianapolis-based Simon DeBartolo Group Inc., the developers collectively own more than 400 malls. Long bitter competitors, they have come together for the first time, hoping that a credit card will help boost lagging mall sales and increase the amount of time consumers spend at their properties.
BUSINESS
June 20, 1998 | From Bloomberg News
The world's biggest pension fund said it plans to put the U.S.' biggest shopping mall, the Mall of America in Bloomington, Minn., up for sale. The 4.2-million-square-foot complex, which includes more than 520 stores, an indoor theme park and an aquarium, could fetch between $650 million and $700 million, according to people familiar with the situation.
BUSINESS
June 20, 1998 | From Bloomberg News
The world's biggest pension fund said it plans to put the U.S.' biggest shopping mall, the Mall of America in Bloomington, Minn., up for sale. The 4.2-million-square-foot complex, which includes more than 520 stores, an indoor theme park and an aquarium, could fetch between $650 million and $700 million, according to people familiar with the situation.
BUSINESS
March 26, 1998 | Bloomberg News
Simon DeBartolo Group Inc., the nation's largest real estate company, said Edward DeBartolo Jr. resigned from its board, effective immediately, to pursue other interests. The resignation comes three months after reports surfaced that the developer and owner of the National Football League San Francisco 49ers team was being investigated by a federal grand jury looking into whether he had committed fraud in connection with a Louisiana casino license he won last March.
BUSINESS
January 22, 1998
Santa Monica-based Macerich Co. said it has sold $100 million of convertible preferred stock to an affiliate of real estate investor William Sanders' Security Capital Group. Macerich will use the proceeds to help finance its half of the $974.5-million purchase of a group of 12 shopping malls it agreed to buy last month in a joint venture with Simon DeBartolo Group Inc. The shares, sold to Security Capital Preferred Growth Inc., are convertible into common stock on a 1-for-1 basis. . . .
BUSINESS
June 1, 1998 | Bloomberg News
Donald Trump and Conseco Inc., a Carmel, Ind.-based insurer, have bought the General Motors Building in midtown Manhattan. The 50-story landmark, on 5th Avenue across from Central Park between 58th and 59th streets, was sold for $800 million, according to a lawyer who participated in the negotiations. The GM Building was owned for the past 10 years by Corporate Property Investors, a real-estate investment trust that also owns dozens of shopping malls around the U.S.
BUSINESS
March 18, 1997 | GREG JOHNSON
Some worried shopping mall developers are giving thought to creating their own credit cards in a bid to help lure more consumers. A handful of large mall operators, including Simon DeBartolo Group Inc., are discussing the creation of a proprietary card that would give shoppers one more reason to visit their properties, according to Bloomberg News. The cards reportedly would give consumers incentives--perhaps a discount on telephone rates--for using the card.
BUSINESS
November 6, 1997 | From Bloomberg News
Real estate investment trusts bought a record $11.3 billion of commercial properties amid a strong economy in the third quarter, up from $6.6 billion a year earlier, according to a study released Wednesday. REITs are on pace to scoop up $35 billion of real estate this year, topping the $20-billion mark set in 1996, according to the joint study by Los Angeles-based broker CB Commercial Real Estate Services Inc. and money manager Alliance Capital Management.
BUSINESS
August 2, 1997 | From Bloomberg News
The U.S.'s largest mall developers have formed an alliance to market a Visa credit card that consumers can use at their properties to gain discounts on future purchases. Led by Indianapolis-based Simon DeBartolo Group Inc., the developers collectively own more than 400 malls. Long bitter competitors, they have come together for the first time, hoping that a credit card will help boost lagging mall sales and increase the amount of time consumers spend at their properties.
BUSINESS
September 23, 1998 | Times Staff, Bloomberg News
Are real estate investment trust stocks in full-recovery mode? The shares continued their torrid run Tuesday, surging about 4% after the group was raised to "buy" from "hold" by Donaldson, Lufkin & Jenrette Inc. analyst Larry Raiman, the second analyst in two days to raise his ratings. The Morgan Stanley REIT index jumped 3.9%, notching its biggest gain since its launch in 1995. It was led by Equity Residential Properties Trust, up $3.31 to $43.50; Glendale-based Public Storage Inc., up $2.
BUSINESS
February 20, 1998 | MELINDA FULMER, SPECIAL TO THE TIMES
The nation's largest mall operator, Indianapolis-based Simon DeBartolo Group Inc., has agreed to purchase Corporate Property Investors Inc. of New York, the owner of 23 premier malls around the country, for about $5.78 billion in cash, stock and debt. The deal would give Simon control of some of the country's largest and best-performing malls, including Roosevelt Field Mall in Garden City, N.J., South Shore Plaza in Braintree, Mass., and Metrocenter in Phoenix.
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