Mall owner Simon Property Group has formed a “blank check” company to go on the hunt for “a company or assets with significant growth potential and prospects.” The company added, in a press release, that it has filed for an initial public offering (IPO) with the goal of raising $300 million for the new entity.
The move comes as the retail industry is reeling from a double blow: fallout from the pandemic and the great shift of consumer buying to online sales. Simon owns such properties as the upscale Copley Place in Boston.
The new company will be a special purpose acquisition company (SPAC) called Simon Property Group Acquisition. A SPAC, or blank-check company, has no commercial operations, but is formed to raise cash and go shopping for an existing company or companies to acquire.Pymnts