X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BLOOMINGTON, MN-Triple Five, the Edmonton-based firm that first proposed the concept for the Mall of America, has won a $30-million victory in its fight for control of the huge shopping center with Indianapolis-based Simon Property Group. Last fall, the Ghermezian brothers of Alberta were awarded management control of the mall and the right to increase their ownership stake to 50% last fall.

Earlier this week, a court-appointed special master recommended their company, Triple Five of Minnesota, be awarded half the mall’s profit since 1999 or more than $30 million.

The recommendation goes to US District Court Judge Paul Magnuson, who will decide how much money to award to the Ghermezians.

Simon, which also owns Maplewood Mall in Maplewood, MN, and Miller Hill Mall in Duluth, MN, has appealed Magnuson’s original decision to the 8th US Circuit Court of Appeals and may appeal this decision if Magnuson approves it.

In September, US Magnuson ruled with Triple Five Corp. of West Edmonton, Alberta and decided it is entitled to buy a 27.5% stake in the Mall of America for $81.38 million. He also ruled Simon Property Group must disgorge “net profits” it received from the Mall of America from 1999 to the present.

In the lawsuit, Triple Five claimed it was denied the opportunity to participate in a restructuring transaction that involved a sale by Teachers Insurance of half of its 55% interest in the Mall of America to Simon Property Group. The new stake would boost Ghermezian’s mall ownership to 50%.

The $30 million would likely be an offset to the purchase price of the remaining stake.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.