Indianapolis Simon Property Group has acquired majority interest in the Houston Galleria, one of the five largest U.S. shopping malls, according to the Indianapolis Star.
The company paid $260 million, including the assumption of debt, to buy an additional 20% stake in the Texas mall from another investor, the report said.
The new stake gives Simon an ownership position in the mall of more than 52%. Simon bought a stake in the mall in 2002 and has been managing it.
The 2.4-million-sq.-ft. mall has 375 stores and restaurants and includes the first ice skating rink built inside of a mall.
Simon was recently thwarted in a bid it mounted with partners to buy bankrupt rival General Growth Properties for $33 billion.