Comparable sales per square foot were $433 in 4Q09 versus Q8's$470 for their regional malls, while the premium outlet centerswere closer, dropping only $9 year-over-year from $509 in 4Q09.

|

This quarter saw Simon agree to acquire the entirety of PrimeOutlets Acquisition Co.'s outlet shopping center business and"certain affiliated entities" for approximately $2.33 billion,including "the assumiong of Prime Outlets' existing indebtednessand preferred stock." Prime Outlets will receive an equityconsideration of approximately $700 million for the purchaseconsisting of 80% cash and 20% common partnership units in thesubsidiary Simon Property Group, L.P. The Prime Outlet portfolio ismade up of 22 outlet centers.

|

Meanwhile, Simon will terminate its joint venture with IvanhoeCambridge, by selling its 50% stake to Unibail-Rodamco forconsideration of E715 million, subject to customary post-closingadjustments. The disposition of its stake in the seven shoppingcenters in France and Poland is anticipated to net $300 million,scheduled to close in the first half of 2010.

|

Simon and Ivanhoe Cambridge, also will venture withUnibail-Rodamco to finish the development of five retail projectsin the current pipeline, of which Simon will own 25% interest.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.