INDIANAPOLIS (AP) -- Simon Property Group Inc., the largest mall owner in the U.S., has agreed to invest €435 million ($565 million) in European designer outlet operator McArthurGlen Group.
Simon Property, based in Indianapolis, will gain a stake in six McArthurGlen properties and become a partner in the British company's property management and development business. The investment includes properties in Austria, Italy, the Netherlands, the United Kingdom and Canada.
Simon Property said McArthurGlen has one of the best-performing portfolios of retail real estate assets in Europe and the deal supports the company's international growth plans. McArthurGlen said Simon Property, which operates malls and outlets in the U.S. and Asia, brings unparalleled resources and expertise to the venture.
Shares of Simon Property added 24 cents to close at $166.68 and dropped 4 cents after hours.