Wachtell Guides Simon Property In Strip Malls Spinoff

Law360, New York (December 13, 2013, 3:47 PM EST) -- On the 20th anniversary of Indianapolis-based Simon Property Group Inc.'s initial public offering, the company said Friday it is spinning off its strip malls and smaller enclosed malls into a new, independent, publicly traded real estate investment trust.

Simon said the new company, SpinCo, will focus on stable, quality strip centers and malls and will initially own or have an interest in 54 strip centers and 44 malls, all making about $10 million or less a year before taxes. In total, SpinCo will operate shopping centers with...
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