Simon Property Group announces two strategic acquisitions

Indianapolis -- Simon Property Group announced that it will acquire a 28.7% equity stake in Klépierre from BNP Paribas for approximately $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% of its properties in France and Belgium, 25% in Scandinavia, and the balance in Central and Southern Europe.



“The investment in Klépierre represents an attractive opportunity for SPG as we seek to broaden our global footprint,” said David Simon, chairman and CEO of SPG.



As part of the Klépierre transaction, David Simon will become the chairman of Klépierre’s nine member supervisory board. Two additional SPG representatives will join the Klépierre board as well.



SPG also announced that it has signed a definitive agreement with its joint venture partner Farallon Capital Management under which SPG is acquiring Farallon’s stake in 26 assets of The Mills Limited Partnership in a transaction valued at $1.5 billion.