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GlobeSt.com UPDATE: Triple Five Seizes Ownership of Mall of America

BLOOMINGTON, MN-The Edmonton-based mixed-use developer that claims to have thought up the megamall concept gets a disputed 27.5% stake from Simon Property Group.

By Jim McCartney | Updated on August 10, 2004

BLOOMINGTON, MN-The Mall of America officially changed hands, as Triple Five Corp. completed its court-ordered purchase of a 27.5% interest in the huge shopping and entertainment complex from Simon Property Group. The stake gives Triple Five, based in Edmonton, a controlling interest in the mall.

The closing took place shortly after Simon’s motion to stay the transfer to Triple Five was denied both by the Federal District Court and the Federal Appellate Court. Simon reiterated its disagreement with the court’s opinion and its order forcing the sale of Simon’s partnership interest in Mall of America. The retail group has appealed the order to the Eighth Circuit Court of Appeals and says in a statement that it “will continue to vigorously pursue that process.”

Nader Ghermezian, the head of Triple Five, is making plans for how his firm will realize its “original vision for the Mall of America to make it the Eighth Wonder of the World.” Triple Five came up with the concept for Mall of America and he says planning is under way to expand other mixed-use components to more than double its size to more than nine million sf.

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