Chelsea, based here, is the largest US outlet center owner. Thedeal gives Simon, the largest mall owner, 60 properties totaling16.9 million sf in the US and Japan. The transaction was firstannounced in June.
Chelsea has been a public company for 10 years. After thetransaction, it will become a wholly-owned subsidiary of Simon andremain headquartered here. The outlet owner will also retain itscurrent management team, and Chelsea Chairman and CEO David Bloomwill become an Advisory Director on Simon's board.
Simon and Chelsea have worked together before. The companiesboth own Las Vegas Premium Outlets and Chicago Premium Outlets, inAurora, Ill., which opened in the summer. They also jointly openedOrlando Premium Outlets in 2000, but Simon sold its stake in thatcenter to Chelsea two years later.
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