Simon's share of the deal, which also involved Westfield America Trust and The Rouse Co., was $1.55 billion and includes retail properties such as Copley Place in Boston, The Galleria in Houston and SouthPark Mall in Charlotte. The deal is expected to close in the second quarter.

"The number of interested parties have expressed an interest to joint venture the assets with us," says chief executive officer David Simon. "There's been a tremendous amount of interest–unsolicited."

The REIT is buying its share of the Rodamco portfolio at an 8.5% capitalization rate, Simon revealed in an earnings conference call, and will bring money tapped from its credit lines as well as a small bridge loan to the closing table along with joint venture capital.

Meanwhile, another venture involving the three Rodamco purchasers, as well as three other retail property owners, cost Simon $4 million in the fourth quarter, and $13 million for 2001. To solve that flow of red ink, Simon says the six retail companies involved in Merchant Wired are involved in talks with potential investors who would inject fresh capital into the venture, as well technology expertise.

Merchant Wired provides managed network services for more than 1,300 stores. "We tend to buy at retail," Simon explains. "We need to lower the cost to pass on the savings to the retailers."

None of the properties Simon is acquiring in the Rodamco deal are in the Chicago market, where the REIT's holdings already include Orland Square, River Oaks Center and Lincolnwood Town Center in addition to numerous smaller suburban malls.