Indianapolis-based Simon Property Group Inc. said Monday that it will open an outlet shopping center in Ontario. It will be the first of the shopping mall owner's line of Premium Outlets-brand shopping centers in Canada.
Simon and Calloway Real Estate Investment Trust signed a letter of intent to develop the center in Halton Hills, near Toronto.
The companies are in the process of obtaining the municipal approvals and permits required to start building the shopping center next spring.
Simon said the outlet center's location will enable the company to serve more than 6 million residents within an hour's drive.
Simon Property's outlet portfolio is comprised of 69 Premium Outlet Centers, including 57 in the U.S., one in Puerto Rico, eight in Japan, two in South Korea and one in Mexico.
Shares in Simon Property Group fell $1.39 Monday, to close at $113 each.