Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
It looks like General Growth Properties (owners of Coronado Center) will be deciding on whether they will accept a buyout offer from Simon Property Group (owners of Cottonwood Mall), or will they choose an investment offer from Brookfield Asset Management.
Last February, Simon announced a hostile takeover bid for GGP worth $8 billion. However, GGP has rejected that offer, favoring an investment offer from Brookfield Asset Management. However, Simon has recently more than doubled their offer for GGP, at a potential deal worth $18.25 billion. Should this deal be accepted by GGP, Simon will be divesting some of their assets to address antitrust concerns.
I really hope that if this buyout offer is approved that Cottonwood Mall doesn't suffer. After all, Coronado Center is larger and is probably more profitable as it is closer to the Northeast Heights.
It looks like General Growth Properties (owners of Coronado Center) will be deciding on whether they will accept a buyout offer from Simon Property Group (owners of Cottonwood Mall), or will they choose an investment offer from Brookfield Asset Management.
Last February, Simon announced a hostile takeover bid for GGP worth $8 billion. However, GGP has rejected that offer, favoring an investment offer from Brookfield Asset Management. However, Simon has recently more than doubled their offer for GGP, at a potential deal worth $18.25 billion. Should this deal be accepted by GGP, Simon will be divesting some of their assets to address antitrust concerns.
I really hope that if this buyout offer is approved that Cottonwood Mall doesn't suffer. After all, Coronado Center is larger and is probably more profitable as it is closer to the Northeast Heights.
I doubt it would have a negative effect on Cottonwood. Simon owns both malls in El Paso, Cielo Vista and Sunland Park. Cielo is the equivalent to Coronado (Probably more profitable) and Sunland Park is their Cottonwood. The only real downside would be any new stores to market would almost certainly choose Coronado if they are only opening one store here, but that isn't any different than what happens today.
Sorry to bump, but there was a little misunderstanding that I made with my original post. I intially said the deal was worth $18.25 billion. This is where I now would like to make a correction: Simon valued GGP at $18.25 per share.
Folks, both malls do really well here. Sales tend to be simular at both the retailers I worked for which have stores at both malls, GGP rejected the Simon offer so it does not really matter. Having worked at both malls I can say that if Coronado is larger it must be by a small amount. less than 10 percent.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.