The bankruptcy of a key rival of Indianapolis-based Simon Property Group may help the No. 1 mall owner retain that position – or grow even more.

General Growth Properties Inc.’s financial troubles could be a plus for Simon, said Dan Fasulo, managing director at real estate research firm Real Capital Analytics.“I think Simon’s going to be able to pick up some of these assets on the cheap,” Fasulo said in an interview with Bloomberg news agency.

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Chicago-based General Growth, which owns and manages shopping centers across the country, said it found it impossible to refinance its maturing debt outside of Chapter 11 bankruptcy protection, and it filed the biggest real estate bankruptcy in U.S. history after amassing $27 billion in debt.The company said it was unable to persuade debt holders to give it more time.

Simon’s stock was holding even this afternoon at $43.90 on normal trading.