Simon Property Group Inc. announced two major transactions for a combined $3.5 billion. The first deal gives the REIT a 28.7 percent stake in a major European retail owner. The second buys out its joint venture partner on the Mills portfolio, Farallon Capital Management.
In the European deal, Simon signed a definitive agreement under to acquire a 28.7 percent equity stake (54.43 million shares) in Klépierre from BNP Paribas for €28.00 per share ($37.08 per share), or a total transaction value of approximately €1.5 billion ($2 billion).
Klépierre is a Paris-based real estate company that focuses on the ownership, management and development of shopping centers, retail properties and offices across Continental Europe. Klépierre’s portfolio includes 271 shopping centers in 13 countries, with 50 percent of its properties in France and Belgium, 25 percent in Scandinavia, and the balance in Central and Southern Europe.
Read the full article on National Real Estate Investor.