Mall giant Simon Property Group Inc. has bought out most of its partners to take majority ownership of Pennsylvania's King of Prussia Mall, one of the most lucrative shopping centers in the U.S.
In a series of deals finalized in recent weeks, Simon has boosted its ownership share in the 2.4 million-square-foot mall in King of Prussia, Pa., to 96% from 12.4%, according to a person familiar with the matter. The largest transaction involved Simon's purchase of a 50% stake that Australia's Lend Lease Corp.
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