Simon Property Group (SPG) Completes Transaction with Prime Outlets Acquisition Company
Simon Property Group, Inc. (NYSE: SPG) has completed its transaction with Prime Outlets Acquisition Company and certain of its affiliated entities ("Prime"), and that, in connection with the transaction, Simon has signed a proposed Consent Agreement with the Staff of the Federal Trade Commission ("FTC"). The Consent Agreement will now be forwarded to the Commission for its review and approval.
The Prime transaction adds 21 outlet center properties to Simon's portfolio, including Prime's Barceloneta outlet center in Puerto Rico which Simon acquired in May of this year. Simon previously announced that it had amended its agreement so that the owners of Prime will retain Prime Outlets-Saint Augustine as well as the Livermore and Grand Prairie development projects.
The completed transaction reflecting the amended agreement and including the Barceloneta outlet center is valued at approximately $2.3 billion, including the assumption of approximately $1.55 billion of Prime's existing indebtedness and preferred stock. Simon paid equity consideration to Prime's owners, generally comprised of 80% cash and 20% in SPG common operating partnership units.
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