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INDIANAPOLIS-Simon Property Group, the nation’s largest mall operator, said Friday it would spin off its strip center business and smaller enclosed malls into SpinCo, an independent, publicly traded REIT. The new company will have an independent, dedicated management team, although it will maintain continued relationships with Simon.

Simon, which went public 20 years ago today, will focus on its larger malls, mills and outlet centers. “We believe we are creating a new company that has both a strong Simon heritage and all of the requisite tools to grow its business and succeed,” says David Simon, chairman and CEO of Simon. “At the same time, this transaction allows Simon to focus on our global portfolio of larger malls, Mills and Premium Outlets while maintaining our considerable scale and conservative leverage profile.”

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