ROSELAND, NJ-More than two-thirds of Chelsea Property Group shareholders approved the $3.5 billion acquisition of their company by Indianapolis-based Simon Property Group. Chelsea stockholders will receive $66 per share from the transaction.

Chelsea, based here, is the largest US outlet center owner. The deal gives Simon, the largest mall owner, 60 properties totaling 16.9 million sf in the US and Japan. The transaction was first announced in June.

Chelsea has been a public company for 10 years. After the transaction, it will become a wholly-owned subsidiary of Simon and remain headquartered here. The outlet owner will also retain its current management team, and Chelsea Chairman and CEO David Bloom will become an Advisory Director on Simon’s board.

Simon and Chelsea have worked together before. The companies both own Las Vegas Premium Outlets and Chicago Premium Outlets, in Aurora, Ill., which opened in the summer. They also jointly opened Orlando Premium Outlets in 2000, but Simon sold its stake in that center to Chelsea two years later.

The buyout has not slowed Chelsea’s growth. Last month the company acquired the 289,000-sf Carlsbad (CA) Company Stores for $102.9 million. Chelsea is currently building two outlet centers, the 380,000-sf Seattle Premium Outlets in Tulalip, WA, scheduled to open next summer, and the 175,000-sf Toki Premium Outlets, near Nagoya, Japan, which is set to open in the spring.

Not only does the deal give Simon the country’s largest outlet center portfolio, but it also gives the company its first presence in Asia. Chelsea owns four outlets in Japan, and both companies have sought opportunities in other Asian countries.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


© 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.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.