Simon Property Group Forms $300M SPAC
January 29, 2021 | Matthew Rothstein | Bisnow East Coast
The largest U.S. mall owner is joining the blank check company craze.
Simon Property Group has formed a special purpose acquisition company with a target value of $300M, according to a new filing with the Securities and Exchange Commission Friday. The filing stipulates that the new SPAC, called Simon Property Group Acquisition Holdings Inc., doesn’t have a target company. The SPAC could raise up to $345M if its underwriter, Goldman Sachs, exercises an option to purchase an additional 4.5 million shares.
SPG Chairman and CEO David Simon will serve as chairman of the new company, and SPG Senior Vice President of Corporate Investments Eli Simon will serve as its CEO. The 33-year-old Eli Simon joined SPG in 2019 from his position as head of North American lodging for Och-Ziff Capital Management and Och-Ziff Real Estate.
