Deals
Simon Widens Overseas Reach With Klepierre Stake in Europe
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Simon Property Group Inc. is making its biggest purchase since 2010 by buying a stake in European shopping center operator Klepierre SA as it increases its investments outside the U.S.
Simon, the largest U.S. mall owner, agreed to acquire 28.7 percent of Klepierre from BNP Paribas SA for about 1.5 billion euros ($2 billion), the Indianapolis-based company said in a statement today. The 28-euro-a-share deal will be the company’s largest transaction since its $2.3 billion purchase of U.S. landlord Prime Outlets Acquisition Co., in August 2010.