Simon Property Group and Real Estate & Retail

Simon Property wraps up $2.3B outlet mall acquisition

August 30, 2010
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Simon Property Group Inc. said Monday it has completed its $2.3 billion acquisition of 21 outlet shopping centers owned by Prime Outlets Acquisition Co.

Simon said it has signed a proposed consent agreement with the Federal Trade Commission now that the deal is complete.

Under the terms of the deal first announced last December, Simon paid about $700 million for the owners' interests in Baltimore-based Prime Outlets and assumed $1.55 billion of Prime's debt and preferred stock.

Simon amended the original deal so that Prime's owners would retain several properties, including Prime Outlets-Saint Augustine and the Livermore and Grand Prairie development projects.

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