Simon Property Group, the largest shopping centre operator in the US and Asia, has agreed to buy a stake in European designer outlet operator McArthurGlen for €435m.
Indianapolis-based Simon Property Group will acquire an interest in six properties and also become a partner in McArthurGlen’s property management and development company.
The deal incorporates assets in Austria, Italy, the Netherlands, the UK and Canada.
The terms of the agreement are subject to closing conditions.
Simon Property Group walked away from a £3bn (€3.5bn) attempt to buy Capital Shopping Centres in January 2011 because the UK shopping mall owner refused to open its book.
It went on to buy a stake in European shopping centre operator Klépierre last year.
David Simon, chairman and chief executive of Simon Property Group, said: “This venture supports and extends our international growth strategy.”
JW “Joey” Kaempfer, chairman and founder of McArthurGlen, added: “Simon Property Group brings unparalleled resources, expertise, and relationships that will help us offer our sought-after European and international luxury and premium brands in an even more exciting designer outlet shopping experience.”
