Search
 

Kravco to Sell Majority Stake to Simon for $300M

KING OF PRUSSIA, PA-By increasing its stake in Kravco Investments and Kravco Co. from 18% to 80% and from 15% to 50%, respectively, the developer brings the 2.8-million-sf King of Prussia Mall into its portfolio.

By Marita Thomas | Updated on November 10, 2003

KING OF PRUSSIA, PA-Having failed in its bid for Taubman Centers Inc., Indianapolis-based Simon Property Group ratchets up its stake in locally based Kravco from minor to major. Simon will pay approximately $300 million to increase its ownership in Kravco Investments from 18% to 80% and its stake in Kravco Co. from 15% to 50%. KI is among the largest privately held owners of regional malls, and KC is its affiliated mall management arm.

Among the prizes in the Kravco portfolio is the 2.8-million-sf Plaza and Court at King of Prussia, which is the second largest mall in the country. With average sales in excess of $400 per sf, it is also one of the nation’s most successful.

In all, Kravco owns interests in seven regional malls, six of which are in the Philadelphia metropolitan area, and three community shopping centers. Among its other properties are Montgomery Mall in Montgomeryville, PA; Oxford Valley Mall in Langhorne, PA; Whitehall Mall in Whitehall, PA, and Quaker Bridge in Princeton, NJ.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.