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

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