Westfield America Trust and the Rouse Company purchased Rodamco's assets with Indianapolis-based Simon for $5.3 billion. According to a released statement, the transaction was approved by each company's board of directors and is expected to be completed in approximately 90 days.

A representative of Simon tells GlobeSt.com that the deal began as a hostile takeover when Westfield purchased some of Rodamco's stock but that no single company would be able to acquire the entire portfolio on its own.

The representative says that the company has no immediate plans for the malls it now owns in this area. The company acquired New England Development's portfolio about three years ago and already owns 14 malls in the New England area, including South Shore Plaza in Braintree and Burlington Mall. "Most customers have not seen significant changes" in those malls, she says, when Simon acquired those assets.