21st century
In 2002, in partnership with Westfield Group and The Rouse Company, the company acquired 13 properties from Rodamco North America including Copley Place, Houston Galleria, and SouthPark Mall.[15] In the following year, Simon acquired a majority interest The Kravco Company, owner of the King of Prussia, for $300 million.[16] The company entered the outlet mall business in 2004 with the acquisition of Chelsea Property Group Inc. for $3.5 billion.[17]
In April 2007, Simon and Farallon Capital acquired the Mills Corporation.[18][19] Two years later, Simon tried to buy malls owned by General Growth Properties.[20] In February 2010, Simon placed a bid acquire General Growth Properties, which was in bankruptcy protection.[21][22] However, the bid was rejected by GGP. A GGP shareholder filed suit (Young v. Bucksbaum) against the company's board of directors for rejecting Simon's bid, alleging breach of fiduciary duty.[23] In April 2010, Simon offered to make a $2.5 billion equity investment in GGP including a $1 billion investment by Paulson & Co.[24][25] In May 2010, Simon withdrew from the bidding for GGP after GGP favored transactions with Brookfield Asset Management.[26]
In May 2010, Simon acquired Prime Retail's Prime Outlets-Puerto Rico in Barceloneta, Puerto Rico In August 2010, Simon acquired an additional 21 outlet malls, including locations in Williamsburg, Virginia, San Marcos, Texas and Hagerstown, Maryland for a total of $2.3 billion.[27] Several months later, Simon made a $4.5 billion bid for Capital Shopping Centres Group plc in December. However, the offer was rejected and withdrawn in January 2011.[28] In September 2011, Simon acquired Southdale Center in Edina, Minnesota.[29]
In August 2013, Toronto Premium Outlets opened in Halton Hills, Ontario, Canada.[30] In October 2014, Premium Outlets Montreal, the second in Canada, opened.[31] In May 2018, Premium Outlet Collection YEG opened at Edmonton International Airport.[32] In May 2014, the company completed the corporate spin-off of Washington Prime Group, headed by Mark Ordan, the final CEO of Mills Corporation.[33][34] In January 2015, Washington Prime Group acquired Glimcher Realty Trust and was renamed WP Glimcher. As part of the deal, Simon acquired Jersey Gardens in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, while WP Glimcher acquired
In August 2020, in partnership with Authentic Brands, the company acquired Brooks Brothers and Lucky Brand Jeans.[40] In December 2020, the company acquired Taubman Centers for $3.4 billion.[41] It also acquired J.C. Penney in partnership with Brookfield Asset Management.[42] In April 2022, Simon and Brookfield offered to buy Kohl's but were rejected.[43] Simon purchased a 50% stake in Jamestown, a real estate developer, in October 2022.[44]
In February 2025, Herb Simon retired as Chairman and Board of Directors.[45] In August 2025, Simon Property Group named Executive Vice President, Eli Simon, as their new Chief Operating Officer (COO).[46]
On March 22, 2026, CEO David Simon died of cancer at age 64. Eli Simon took over as CEO and will remain COO.[47]
