"Prime Outlets is an excellent opportunity for Simon as itrepresents a strong strategic fit for our existing Premium Outletportfolio and enhances our leadership position in the outletbusiness," says David Simon, chairman and CEO, in a statement."Following the completion of this transaction our outlet portfoliowill have 63 centers comprising approximately 25 million squarefeet."

Prime Outlets owns 22 outlet centers throughout the US. Some ofits major properties are located in Baltimore, San Antonio, Orlandoand Washington DC. Simon will be acquiring a 92% occupiedportfolio. The average center has annual sales per square foot of$370.

"The complementary fit of our two businesses and Simon's skillsin property management offer a significant value creationopportunity," says David Lichtenstein, CEO and founder ofLightstone, in a release. "I am very proud of the company we wereable to build over the past seven years and equally delighted thatwe were able to sell Prime to a world-class company like Simon.This is truly a win-win transaction."