(Bloomberg) — Simon Property Group Inc., the biggest U.S. mall owner, said it has accumulated a 3.6 percent stake in rival Macerich Co. Shares of Macerich jumped to a seven-year high.

Simon bought 5.71 million shares of Macerich this year and may request that Macerich waive its excess share provision, which restricts stock ownership to 5 percent, the real estate investment trust said in a statement today. Simon cited the recent acquisition of a 10.9 percent interest in Santa Monica, California-based Macerich by a company it didn’t name.

Macerich said two days ago that it bought the share of five U.S. shopping malls it didn’t already own from a subsidiary of the Ontario Teachers’ Pension Plan Board for $1.89 billion, including the assumption of debt. The purchase price included $1.22 billion of stock issued to the pension plan, or an ownership of almost 11 percent.

Simon disclosed its stake before U.S. markets opened. Macerich climbed as much as 10 percent to $77.08 in New York trading, the highest since 2007. The shares were up 8.5 percent to $75.84 as of 10:45 a.m. Simon slipped 0.6 percent to $178.20.

A phone message left before normal business hours for Thomas O’Hern, Macerich’s chief financial officer, wasn’t immediately returned.

Simon, based in Indianapolis, has been developing outlet malls around the world while refurbishing and expanding some of its biggest U.S. properties to boost growth. Simon said it bought a stake in European mall owner Klepierre SA in 2012.

Earlier this year, Simon spun off some of its smaller enclosed malls and strip shopping centers into a separate REIT, Washington Prime Group Inc. That company agreed in September to buy Glimcher Realty Trust for about $2 billion to create a diversified retail property owner in September.

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