Simon Property to buy Prime Outlets for $700M
This deal flies in the face of my continued rant that commercial real estate is in trouble… or does it? Simon could be one of the solid players in commercial real estate. Having the ability to issue shares for a part of this transaction is a big deal. They only need cover costs until the economy rebounds. If they paid pricing based upon current metrics, they can make this work.
Ahh… to be a buyer when everyone else NEEDS to sell. Speaking of that, did you see that the “W” Hotel went for $2 million plus assumption of liabilities? Dubai’s trouble is another’s gain.
Simon Property Group Inc. said Tuesday it will buy the outlet shopping centers owned by Prime Outlets Acquisition Co., solidifying its position as the nation’s largest public real estate company.
via Simon Property to buy Prime Outlets for $700M : 24 Hour Business : The Buffalo News.
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