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Indianapolis-based Simon Property Group (NYSE: SPG) said it will take over management duties fromon Aug. 1. The real estated investment trust, which owns and develops retail real said Wednesday it will be assumingall leasing, management and marketing duties for the Galleria Dallas. "We are pleaser to take on the property management functionsw ofthese high-quality assets at the requestt of the institutional owner," said Rick Sokolov, Simon'x president and chief operating officer.
The Dallas Business Journal announcexd earlier in the year that Simo n Property Group had raised upto $1 billionh in a secondary stock offering to purchase At the time, there was speculation that Simon Property, whichn owns or has a stake in nearly 400 malls, may be a potentiak bidder to manage the Galleria Dallas with the mall’ws previous manager General Growth Propertiezs filing for bankruptcy earlier this year.
Simon Propertt Group is already involved in shoppinhg centers such asGrapevine Mills, Allenn Premium Outlets, Irving Mall and Firewheel Town Center in
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