Indianapolis Simon Property Group announced that it has completed its transaction with Prime Outlets.
The 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.
David Simon, SPG Chairman and CEO, stated, "The Prime Outlets portfolio is an excellent strategic fit and presents a compelling opportunity for Simon to benefit from shoppers' increased demand for discounted brand-name merchandise. We believe that our strong track record of operational excellence, financial resources, and history of successful acquisitions make us well-positioned to improve the performance of these assets for the benefit of tenants, retailers and consumers."