Simon goes shopping. (Simon Property Group Inc. to acquire DeBartolo Realty Corp.)(Brief Article)

Building Design & Construction, May, 1996

Simon goes shopping. Shopping center giant Simon Property Group, Indianapolis, has agreed in principle to acquire Youngstown, Ohio-based DeBartolo Realty Corp. for about $3 billion in stock and debt, thereby creating the largest U.S. real estate firm, with a market capitalization of $7.5 billion.

The merger is subject to the approval of shareholders of both real estate investment trusts. DeBartolo has more than 60 U.S. retail properties in its portfolio. The combined company, to be named the Simon Debartolo Group, would have a portfolio of 111 regional shopping centers, 66 community centers and six specialty retail centers in 32 states. The properties collectively rang up $16 billion in retail sales last year.