Simon Property Group acquires majority interest in Houston Galleria

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.