N.A. mall owner in ProvPlace parent bid

PROVIDENCE – Mall giant Simon Property Group Inc., which owns Emerald Square mall in North Attleboro, has made a bid to buy General Growth Properties Inc., the bankrupt owner of Providence Place, for $10 billion.

Indianapolis-based Simon made its offer public Tuesday, saying it received no response to the solicitation after presenting it to General Growth’s leadership more than a week ago.

Simon said the deal, which includes about $9 billion in cash, would pull General Growth out of bankruptcy and see General Growth’s creditors paid back. A committee of the bankrupt mall operator’s unsecured creditors supports the deal, Simon said.

“Simon’s offer provides the best possible outcome for all General Growth stakeholders,” Simon Chairman and Chief Executive Officer David Simon said in a statement. “Simon is in the unique position of being able to offer General Growth creditors and shareholders full, fair and immediate value.”

If the deal goes through, it would create a behemoth shopping center operator, with the combined new company operating more than 585 malls or shopping plazas across the country. Simon and General Growth already own or operate four of the six largest shopping malls in Rhode Island and Bristol County, Mass.

“We are confident it is the best option for all General Growth constituencies and far superior to any other third-party proposal or stand-alone plan that could be completed,” Simon said.

Simon’s properties include 1.02 million-square-foot Emerald Square, as well as the nearby 615,713-square-foot Wrentham Village Premium Outlets off Interstate 495.

General Growth owns both 2 million-square-foot Providence Place and the 1.04 million-square-foot Silver City Galleria in Taunton. It also manages the 700,000-square-foot Swansea Mall, which is owned by New York-based Carlyle Development Group Inc.