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REIT Simon Property Group Bids $3.6 Billion for U.K.'s Capital Shopping

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In Brief...

Simon Property Group Inc. (SPG), a leading real estate investment trust (REIT), has recently made a $3.6 billion acquisition offer for Capital Shopping Centers Group Plc [CSCG.L] the largest shopping center operator in the U.K. Following the offer, Capital Shopping share prices surged 13% on the London Stock Exchange - the highest since it began trading as a public company in 1992.. The acquisition is part of the long-term strategy of Capital Shopping to establish itself as the leading developer, owner and operator of preeminent regional shopping centre destinations in the U.K. With the purchase, Capital Shopping will own 5 of the top 10 malls in the U.K.. Simon Property presently holds a 5.6% ownership interest in Capital Shopping. With the successful completion of the takeover bid, Simon Property would emerge as a retail real estate behemoth in the U.K.. We also have a Neutral rating and Zacks #3 Rank for Federal Realty Investment Trust (FRT), one of the peers of Simon Property..

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