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Simon Property Group acquires outlet shopping center business of Prime Outlets

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Simon Property Group acquires outlet shopping center business of Prime Outlets - Simon Property Group - developer - commercial property - United States


Simon Property Group, Inc., a real estate investment trust, has acquired outlet shopping center business of Prime Outlets Acquisition Company and certain of its affiliated entities. Both the companies are based in the US.



Prime Outlets is an owner, manager, operator and developer of outlet centers.

Announcement (December 8, 2009):

Simon Property has entered into a definitive agreement to acquire all of the outlet shopping center business of Prime Outlets and certain of its affiliated entities for approximately $2,325 million, including the assumption of Prime Outlets' existing indebtedness and preferred stock.

Under the terms of the agreement, Simon Property will pay an equity consideration of approximately $700 million for the owners' interests in Prime Outlets. The equity consideration to Prime Outlets' owners will generally be comprised of 80% in cash and 20% in Simon Property common operating partnership units.


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