Simon Property Accumulates 3.6% Stake In Macerich

(RTTNews) - Simon Property Group Inc (SPG) said Wednesday that during 2014, it has accumulated a 5.71 million common shares, or 3.6%, ownership position in The Macerich Co (MAC), an owner, operator and developer of retail properties.

Simon may request that Macerich waive its excess share provision, which restricts share ownership of greater than 5%, in light of the waiver recently granted to another investor in connection with its acquisition of a 10.9% share position in Macerich.

Macerich owns 53 malls in the U.S. Recently, the company said it will partner with home-builder Lennar Corp. to develop a 500,000 square-foot luxury-outlet mall in San Francisco's Candlestick Point.

In late May, Simon completed the spinoff of its strip centers and smaller enclosed malls into an independent, publicly traded real-estate investment trust called Washington Prime Group Inc.