Simon Property and McArthurGlen form joint venture
Commercial shopping centre giant Simon Property has just announced a deal to form a joint venture with McArthurGlen. According to the terms of the agreement, Simon Property Group will acquire an ownership interest in six retail properties in the United Kingdom, Holland, Italy and Canada, where a centre in Vancouver is currently under construction.
As part of the joint-venture, Simon Property Group will become a partner in the management and development of the McArthurGlen business.
Simon will invest 565.5 million dollars in the upscale European designer outlet owner. This is not Simon’s first foray into European commercial centres. In 2012, Simon Property Group invested 2.3 billion dollars in French shopping centre operator Klépierre.
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