Owner of The Galleria becomes largest real estate company in the world

HOUSTON – The nation's largest shopping mall operator is now the world's largest real estate company.

Indianapolis-based Simon Property Group is listed at No. 1 on the FTSE EPRA/NAREIT Global Real Estate Index.

In the Houston area, Simon owns The Galleria in Houston, Katy Mills Mall and Houston Premium Outlets.

Yahoo! Finance estimates Simon's enterprise value at $65 billion.

Simon said that's a low estimate and that it's really worth about $85 billion.

The Indianapolis Business Journal reported Simon is the only real estate company listed on the Standard & Poor's 100 index of the nation's most established companies.