INDIANAPOLIS and LONDON-Simon Property Group, Inc. and McArthurGlen Group are forming a joint venture through which SPG will invest in McArthurGlen, a leader in upscale, European designer outlets.
Under the terms of the agreement, SPG will gain an interest in six properties and will also become a partner in McArthurGlen's property management and development company. SPG's ownership interest involves an initial equity investment of approximately $576 million (€435M), and will include assets in Austria, Italy, the Netherlands, the United Kingdom and Canada.
“We are excited by the opportunity to partner with McArthurGlen, which has one of the best-performing portfolios of high-quality retail real estate assets in Europe and a strong team of professionals,” said David Simon, chairman and CEO of Simon Property. “This venture supports and extends our international growth strategy, and we look forward to collaborating on ways to further enhance McArthurGlen's platform for retailers and customers.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
