Simon Property Group And McArthurGlen Group Form Joint Venture For European Designer Outlets

 Simon Property Group And McArthurGlen Group Form Joint Venture For European
                               Designer Outlets

PR Newswire


INDIANAPOLIS and LONDON, June 3, 2013 /PRNewswire/ -- Simon Property Group,
Inc. (NYSE:SPG) and McArthurGlen Group announced today that they have signed a
definitive agreement to form a joint venture through which SPG will invest in
McArthurGlen,the leader in upscale, European designer outlets. 

Under the terms of the agreement, which is subject to customary closing
conditions, SPG will acquire an ownership interest in six properties and will
also become a partner in McArthurGlen's property management and development
company. Simon Property Group's ownership interest involves an initial equity
investment of approximately €435 million, and will include assets in Austria,
Italy, the Netherlands, the United Kingdom and Canada.

David Simon, Chairman and Chief Executive Officer of Simon Property Group,
said: "We are excited by the opportunity to partner with McArthurGlen, which
has one of the best-performing portfolios of high-quality retail real estate
assets in Europe and a strong team of professionals. 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."

J.W. "Joey" Kaempfer, Chairman and founder of McArthurGlen Group, said: "We
welcome the opportunity to join with Simon Property Group. As the largest
operator of malls and premium outlets in the United States and Asia, SPG
brings unparalleled resources, expertise, and relationships that will help us
offerour sought-after European and international luxury and premium brands in
an even more exciting designer outlet shopping experience."

About McArthurGlen Group
McArthurGlen Group is Europe's leading owner, developer and manager of
designer outlets. The Group, which currently has 21 Designer Outlets in eight
countries, introduced the concept of designer outlet retailing to Europe in
1995. Consumers visiting McArthurGlen's Designer Outlets are attracted by
year-round savings of 30-70 per cent on the most sought-after brands in
luxury, designer and high-street fashion. McArthurGlen's portfolio currently
offers more than 600,000 sq m of retail space, with nearly 150,000 sq m of new
space under way or in planning, including the Group's 22nd Designer Outlet,
due to open in Vancouver in late 2014 as the first McArthurGlen Designer
Outlet in North America. For more information, visit

About Simon Property Group
Simon Property Group, Inc. (NYSE: SPG) is an S&P 100 company and a leader in
the global retail real estate industry. The Company currently owns or has an
interest in 326 retail real estate properties in North America and Asia
comprising 241 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

SOURCE Simon Property Group, Inc.

Contact: Les Morris, +1.317.263.7711, (Media), or Shelly
Doran, +1.317.685.7330 (Investors), or Georgina Power
+44(0)20 7535 2483, (Media)
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