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Simon Not Buying General Growth, CEO Says

INDIANAPOLIS-But David Simon would not comment as to if his firm is interested in buying part of its competitor's portfolio.

By Debra Hazel | Updated on November 04, 2008

INDIANAPOLIS-Despite rampant speculation, Simon Property Group is not acquiring General Growth Properties , Simon chairman and CEO David Simon said at the company’s third-quarter conference call.

Because of its financial strength, with over $950 million in cash on hand–including shares of joint ventures–and $2.5 billion of available capacity on its corporate credit facility, Simon has been considered a prime candidate to acquire GGP.

“While our policy is generally not to comment on specific rumors like this, I will tell you that in the current environment I cannot envision a set of circumstances that would result in such a transaction,” Simon said.

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