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Feds require Simon to sell outlet centers

Bloomberg News
November 11, 2010
Keywords
Antitrust, Commercial Real Estate, Mergers & Acquisitions, Public Companies, Real Estate & Retail, Real estate deals, Simon Property Group
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The U.S. Federal Trade Commission said it is requiring Indianapolis-based Simon Property Group Inc., the largest U.S. mall owner, to sell outlets in a settlement related to the purchase of Prime Outlets Acquisition Co.

The proposed settlement would force Simon Property to sell outlet centers either in Monroe or Jeffersonville, Ohio, the FTC said in an e-mailed statement.

The FTC also will require Simon Property to lift restrictions on stores in its malls in the Chicago area and Orlando, Fla., so tenants can sign leases with competing malls.

A Simon Property spokesman declined to comment, but CEO David Simon said in April that the company did not intend to sell any of Prime Outlet's properties .

On Dec. 8, Simon Property agreed to buy Prime Outlets, based in Baltimore, for $2.33 billion, including debt.
 


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