JC Penney Nets $248M In Sale Of Simon Stake

Law360, New York (July 23, 2012, 9:13 PM EDT) -- J.C. Penney Co. has sold the majority of its stake in Simon Property Group Inc. for $248 million, a deal that gives the retailer a cash influx as it turns its focus to what it said are core operations, it announced Monday.

It redeemed 2 million units of limited partnership interest in Simon's operating partnership subsidiary, Simon Property Group LPA. J.C. Penney subsidiary JCP Realty Inc. still owns about 205,000 units in the partnership with the major mall company.

J.C. Penney Chief Financial Officer Ken Hannah...
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