New York-listed Simon Property Group (SPG) has formed a joint venture with McArthurGlen Group on European designer outlets.
New York-listed Simon Property Group (SPG) has formed a joint venture with McArthurGlen Group on European designer outlets.
Under the agreement SPG will acquire stakes in six properties and will also become a partner in McArthurGlen's property management and development company.
Simon Property Group's ownership interest involves an initial equity investment of approximately €435 mln, and will include assets in Austria, Italy, the Netherlands, the United Kingdom and Canada.
McArthurGlen Group is an owner, developer and manager of designer outlets. In Europe, it has 21 designer outlets in eight countries since it introduced the concept of designer outlet retailing to Europe in 1995.
SPG is the largest listed property company in the world. The company owns or has an interest in 326 retail real estate properties in North America and Asia.
