Simon invests $569 million in McArthurGlen Group, Europe’s largest owner of outlet centers
Publish Date: June 04, 2013
Simon Property Group has agreed to invest $569 million in McArthurGlen Group, Europe’s biggest factory-outlet-center operator. The Indianapolis–based REIT will acquire an ownership interest in six McArthurGlen properties in Austria, Italy, the Netherlands, the United Kingdom and Canada and will also become a partner in McArthurGlen’s property management and development company.
“McArthurGlen has one of the best-performing portfolios of high-quality retail real estate assets in Europe and a strong team of professionals,” said Simon Property Group chairman and CEO David Simon, in a press release. ”This venture supports and extends our international growth strategy, and we look forward to collaborating on ways to further enhance McArthurGlen’s platform for retailers and customers.”
London–based McArthurGlen Group, which currently owns 21 upscale factory outlet centers occupying 6.4 million square meters of space in eight countries, introduced the concept of designer outlet retailing to Europe in 1995. Simon owns or has an interest in 326 retail real estate properties in North America and Asia comprising 241 million square feet.