Simon Property to Buy Prime Outlets

Simon Property Group Inc. said on Tuesday that it plans to buy the outlet shopping centers owned by Prime Outlets Acquisition Co. This transaction will solidify Simon’s position as the country’s largest public real estate company. Simon will be paying $700 million and will assume the company’s debt and preferred stock, making the deal total at $2.33 billion. Prime Outlets owns, manages, and operates twenty-two outlet centers in metropolitan areas around the country.

When the deal is completed, Simon will have a total of sixty-three outlet centers covering a total of about twenty-five million square feet. Simon owns regional malls, as well as other assets. Simon Property shares rose from $1.18 to $75.08 in trading.

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