Simon Property rescues tenant JC Penney
A poker moves or a survival reflex? By saving JC Penney from bankruptcy, David Simon, President of Simon Property Group, the U.SA. leader in commercial property (turnover 2019 US$5 billion) and 20% shareholder of Klépierre, helps silence the voices of doom for American shopping centres. In conjunction with Brookfield Property Partners, the investment of US$800 million is simply a long-term investment in a core business. It is a good deal in the current slump. “If we thought we couldn’t make money,” says Simon, “we would not do it.