Simon Property Group added four backers to its proposal to help rival mall owner General Growth Properties Inc. emerge from bankruptcy, increasing the plan’s total investment by $1.1bn.
ING Clarion Real Estate Securities, Taconic Capital Advisors, Oak Hill Advisors and Deutsche Bank’s RREEF unit will join the plan, Simon said yesterday. The investments would be on top of the $2.5bn pledged by Indianapolis-based Simon and $1bn from New York hedge fund Paulson & Co.
Simon said a week ago it would match the terms of a bankruptcy exit proposal led by Brookfield Asset Management. Chief executive officer David Simon is scheduled to meet with General Growth officials in Chicago today, two people familiar with plan said.