Simon Property Group is entering negotiations with Lend Lease Corp. after Lend Lease said it will sell its 50% stake in the King of Prussia Mall near Philadelphia. Simon, which has a 12.4% stake in the mall, manages the 2.6 million-square-foot facility. Lend Lease's stake could be worth as much as $1.2 billion.
The Westfield Group is developing two major projects in London. Its 1.6-million-square-foot Westfield London is slated to open in October. Westfield is also in the midst of building a $2.7 billion, 1.9-million-square-foot center adjacent to the 2012 Olympic Park in east London.
Collective Brands will begin franchising its Payless ShoeSource retail chain in nine Middle East countries. Franchise partner M.H. Alshaya will open stores in the United Arab Emirates, Kuwait, Oman, Saudi Arabia, Bahrain, Jordan, Egypt, Qatar and Lebanon.
Tesco CEO Terry Leahy led a discussion session at the recent European Balanced Scorecard Summit in London. Leahy described his company's strategy for providing a unique, consistent buying experience at numerous stores in many countries. "Tesco doesn't want one leader. We want thousands of leaders who take initiative to execute the strategy," he said.
General Growth Properties will manage the luxury Kings' Shops at Waikoloa Beach Resort on the Big Island of Hawaii. The center's owner, KS Owner LLC, expects to add 25,000 square feet of retail to the 75,000-square-foot center in 2010.