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Simon Property Group and CalPERS Affiliate IMI Form Joint Venture To Own The Shops at Mission Viejo and Woodfield Mall

 Simon Property Group and CalPERS Affiliate IMI Form Joint Venture To Own The
                  Shops at Mission Viejo and Woodfield Mall

Simon Property Group will Lease and Manage Both Assets

PR Newswire

INDIANAPOLIS, Jan. 3, 2013

INDIANAPOLIS, Jan. 3, 2013 /PRNewswire-FirstCall/ --Simon Property Group,
Inc. ("Simon") (NYSE: SPG) and Institutional Mall Investors ("IMI"), the
co-investment venture owned by an affiliate of Miller Capital Advisory, Inc.
and The California Public Employees' Retirement System ("CalPERS"), today
announced that they have formed a joint venture to own and operate The Shops
at Mission Viejo in the Los Angeles suburb of Mission Viejo, California, and
Woodfield Mall in the Chicago suburb of Schaumburg, Illinois. Simon and IMI
will each own 50% of Woodfield. Simon will own 51% of Mission Viejo and IMI
will own the remaining 49%. Simon is providing management and leasing services
to the joint venture.

Prior to formation of the joint venture, Simon owned 100% of The Shops at
Mission Viejo and IMI owned 100% of Woodfield Mall. The Shops at Mission
Viejo is a 1.2 million square foot center anchored by Nordstrom and Macy's.
Woodfield Mall is a 2.2 million square foot center anchored by Nordstrom,
Macy's, Lord & Taylor, JCPenney and Sears.

The Shops at Mission Viejo is currently unencumbered, however, the joint
venture expects to place a mortgage on the property in the next two weeks.
Woodfield Mall is encumbered by a $425 million mortgage loan which matures in
March of 2024 and bears interest at 4.5%.

"As a result of this transaction, we have added the iconic Woodfield Mall to
our portfolio," said David Simon, Chairman and CEO of Simon Property Group.
"This premier mall is located in one of the country's largest markets and we
welcome the opportunity to enhance its productivity and value through our
leasing and management efforts." 

Andrew Miller, President and CEO of Miller Capital Advisory said, "We are
pleased to expand our strategic relationship with Simon – other malls owned
jointly include The Galleria® in Houston, Texas; The Fashion Centre at
Pentagon City in Arlington, Virginia; and The Westchester in White Plains, New
York. The transaction also increases our presence in the important California
market with the addition of The Shops at Mission Viejo to our collection of
high quality retail properties."

Simon Property Group

Simon Property Group, Inc. (NYSE: SPG) is an S&P 100 company and the largest
real estate company in the world. The Company currently owns or has an
interest in 329 retail real estate properties in North America and Asia
comprising 243 million square feet. We are headquartered in Indianapolis,
Indiana and employ approximately 5,500 people in the U.S. For more
information, visit the Simon Property Group website at www.simon.com.

Institutional Mall Investors

Institutional Mall Investors ("IMI") is a co-investment venture owned by an
affiliate of Miller Capital Advisory, Inc. ("MCA") and CalPERS, the nation's
largest public pension fund. MCA serves as investment manager for IMI.

IMI is a core-oriented investment platform focused on high quality, market
dominant, fashion-oriented retail properties. The IMI portfolio features some
of the most dominant regional and super regional shopping centers in the
United States. As of December 2012, the portfolio included approximately 19.0
million square feet of retail GLA and one million square feet of prime office
space. IMI also seeks to invest in productive lifestyle, mixed use and
development opportunities as circumstances warrant.

CalPERS

CalPERS is the nation's largest public pension fund with approximately $245
billion in assets, providing retirement benefits to more than 1.6 million
State, public school, and local public agency employees, retirees, and their
families, and health benefits to more than 1.3 million members. The average
CalPERS pension is $2,420 per month. The average benefit for those who retired
in the fiscal year that ended June 30, 2012, is $3,025 per month. For more
information about CalPERS, visit www.calpers.ca.gov.



SOURCE Simon Property Group, Inc.

Website: http://www.simon.com
Contact: Shelly Doran, +1-317-685-7330, Investors; Les Morris,
+1-317-263-7711, Media
 
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