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Mall of America's Owners New Business: Uranium

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There's diversification and then there's what the Ghermezian family is doing. The Ghermezians, the clan behind the Triple Five Group that owns the Mall of America and West Edmonton Mall, has formed a pact to find uranium in Canada.

The Edmonton-based family-run company better known for putting roller-coasters and ice rinks in shopping malls has its sights set on finding uranium in northern Saskatchewan.

The Triple Five Group, owners of West Edmonton Mall and Minnesota's Mall of America, announced Wednesday that it has made economic development agreements with seven Saskatchewan First Nations.

One of the agreements, with the English River First Nation, will allow the company to look for and develop the uranium resource on the band's "territorial lands" near Slush Lake southwest of the McArthur River mine in the northernmost reaches of the province.

"We are pleased to be able to enter into these agreements with Saskatchewan First Nations," chairman Nader Ghermezian said in a news release. "We believe that these undertakings by Triple Five will be beneficial to the more than 140,000 First Nations members in Saskatchewan and the Saskatchewan economy."

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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