Three Area Malls To Get New Owner

BOSTON-Simon Property Group will add three area malls to its portfolio with its part in the acquisition of the assets of Rodamco North America NV. The local malls involved in the transaction are Copley Place here, the Mall at Chestnut Hill in Newton and Pheasant Lane Mall in Nashua New Hampshire.

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.