In December 2003 the open-ended real estate fund KanAm US-grundinvest Fonds acquired a majority interest in the successful shopping and entertainment center. The fund’s joint venture partner in Great Mall of the Bay is the Simon Property Group, a publicly listed US-real estate investment trust (REIT). Simon is widely regarded as a leading developer of innovative retail and entertainment destinations.

Built in 1994 and modified in 2002, Great Mall of the Bay is situated between San Francisco and San José in the heart of Silicon Valley, one of America's most densely populated regions. The mall has a leasable space of approximately 119,000 square meters and features 11 anchor tenants along with approximately 220 typical Mills specialty stores. The mall provides approximately 8,000 parking spaces for its customers.