Simon Property Lands Prime Outlets In $2.3B Deal

Law360, New York (December 8, 2009, 2:58 PM EST) -- Mall operator Simon Property Group has agreed to buy Prime Outlets Acquisition Co.'s outlet shopping center operations in a $2.3 billion deal, the real estate giant announced Tuesday.

The companies have entered into a definitive agreement for Simon to pay Prime Outlets an equity consideration of roughly $700 million for its 22 shopping outlet locations, mostly in the eastern half of the U.S.

The equity will be about 80 percent cash and 20 percent Simon common operating partnership units, based on a 10-day trading average of...
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