Back in February, mall REIT (real estate investment trust) giant Simon Property Group (NYSE: SPG) launched a special purpose acquisition company, or SPAC. Now, Simon Property Acquisition (NYSE: SPGS.U), which raised about $300 million in its IPO, is still searching for a target. In this Fool Live video clip, recorded on July 1, Millionacres editor Deidre Woollard and senior real estate analyst Matt Frankel, CFP, discuss what type of business this blank-check company might be targeting. 10 stocks we like better than Simon Property Group Acquisition Holdings, Inc.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Simon Property Group Acquisition Holdings, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Deidre Woollard: Oh, I like this one for you. Jenny asked, "What do you think of the Simon Property Group's SPAC?" Matt Frankel: I always get the SPAC questions. Woollard: I know. Frankel: I don't own it just because I pared down the number of SPACs that I have. It's sponsored by Simon Property Group. I love the ability they've shown to allocate capital in a responsible way. They've done a great job of buying up retailers that were distressed. The Aeropostale acquisition a few years ago is already profitable. The Forever 21 acquisition that they made last year is already returning something like 50% of their original cost annually, that's a great return on investment. I'm optimistic. I think the SPAC space in general is very crowded right now. There are about 400 different ones looking for deals, so they have a lot of competition. They bring a lot of value to the table with just their connections. Their connection with Simon Property Group adds a ton of value for a struggling retailer that might want to go public through their SPAC. I think they're going to find a target that's worthwhile. Woollard: But do you think it's absolutely going to be a retailer? Frankel: I think it's going to be some type of business they can incorporate into their mall. That doesn't necessarily mean a retailer. I think it could be a hotel operator, it could be a co-working business, it can be an entertainment operator, it could be a restaurant chain. I would not be surprised to see them take a privately owed restaurant chain public through their SPAC at all because that's a big component of Simon's Property. A big selling point is you can eat at nice restaurants here than you normally wouldn't see in malls. A lot of mall operators are trying to think outside the box and then having a real association and investment in a non-retail company could be a good way to use that. Don't quote me on this, I think they raised about $300 million in their IPO, so they have a good war chest to go shopping with.Deidre Woollard owns shares of Simon Property Group. Matthew Frankel, CFP owns shares of Simon Property Group. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source