Tuesday, December 15, 2009

SIMON Adds to Outlet Portfolio With Purchase of Prime

Indianapolis-based SIMON Property Group, owner of SIMON Malls, Chelsea Premium Outlets, The Mills and countless other shopping centers, has purchased its largest outlet rival, Prime Outlets. The deal is said to have a total value of $2.33 billion in a combination of cash, operating units and assumption of debt. Prime Outlets currently has 22 centers open, with two more in development. Locally, there is one in Calhoun, Georgia, and five scattered across Florida. Already the dominant player in malls, outlets and an emerging player in "lifestyle centers," this acquisition makes SIMON's portfolio astounding. Additionally, SIMON is said to be in talks to acquire some of the notable assets of fallen rival General Growth Properties, who filed the largest real estate bankruptcy in U.S. history earlier this year. For now SIMON will dominate the local mall market with Lenox Square and Phipps Plaza, and outlet shopping with its Premium Outlets in Dawsonville, Discover Mills in Duluth and now its Prime Outlets in Calhoun.
ToNeTo Atlanta

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