Triple Five

Triple Five is controlled by the Ghermezian family, with operational leadership spread across the second and third generations. Raphael Ghermezian leads international expansion, while Don Ghermezian serves as CEO of the American Dream project. Decision-making remains tightly held among family members, with no external institutional investors participating in governance. The family's core operating philosophy emphasizes long-term, multi-generation hold periods for trophy assets.

Triple Five acquired management control of Mall of America in 1999 and later consolidated full ownership in 2006. The Bloomington, Minnesota property remains the firm's highest-profile US asset, attracting over 40 million annual visitors and housing more than 500 stores alongside an indoor amusement park and aquarium. The firm uses the Mall of America brand as a licensing vehicle for affiliated projects in Asia.

Triple Five pursues both greenfield development and acquisition, but its reputation rests on constructing massive experiential retail-entertainment complexes from the ground up — West Edmonton Mall (1981), American Dream (originally conceived as Xanadu and restarted by Triple Five), and various branded projects overseas. The firm also holds and operates existing mega-malls, with Mall of America representing its most significant acquisition. Development timelines frequently span decades due to the scale and complexity of the projects.

The firm's capital base originates from the Ghermezian family's rug importing and real estate activities in Canada, augmented by leveraged financing, public subsidies, and project-specific partnerships. Triple Five has consistently accessed municipal and state-level incentives for its developments — notably tax increment financing and infrastructure grants for American Dream and West Edmonton Mall expansions. The firm does not publicly disclose an externally raised fund structure or outside limited partners.

Triple Five operates primarily through wholly or majority-owned project entities rather than pooled investment funds, limiting co-investment opportunities for external parties. The firm has historically partnered with government entities for infrastructure and incentive packages, and corporate partners for branded entertainment components, but core real estate ownership and operational control remain concentrated within the Ghermezian family.