Simon Property Group, Inc. (NYSE: SPG) has redeemed two million units of limited partnership interest in Simon's operating partnership subsidiary, Simon Property Group, L.P., from Plano, TX-based jcpenney (NYSE: JCP) for cash consideration of $248 million.

Simon Property Group, L.P. is the operating partnership of Simon Property Group, Inc.

Following the transaction, JCP Realty, Inc., a wholly-owned subsidiary of jcpenney, continues to hold approximately 205,000 limited partnership units in Simon's operating partnership. J.P. Morgan Securities LLC acted as an advisor for this transaction.

"Last year, as we began our journey to transform jcpenney, we determined it was necessary to review and, where appropriate, monetize assets that are not core to our operations," said Chief Financial Officer Ken Hannah in a statement.