INDIANAPOLIS, March 14,
2012 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (NYSE:
SPG) ("SPG") announced today that it has completed the previously
announced acquisition of a 28.7% equity stake (54.43 million
shares) in Klepierre (Euronext Paris: LI) from BNP Paribas for
euro 28.00 per share, or a total
transaction value of approximately $2.0
billion (euro 1.5
billion).
David Simon, Chairman and Chief
Executive Officer of SPG, was appointed to the position of Chairman
of Klepierre's nine member Supervisory Board. Two additional
SPG representatives, Steven Fivel
and Francois Kayat, were appointed
as members of Klepierre's Board as well.
SPG's previously announced acquisition of joint venture partner
Farallon Capital Management, L.L.C.'s stake in 26 assets of The
Mills Limited Partnership is expected to close next week.
SPG also announced that it and its majority-owned operating
partnership subsidiary, Simon Property Group, L.P. (the "Operating
Partnership"), have closed the equity and debt offerings announced
last week. The Company sold a total of 9,137,500 shares,
including shares issued in connection with the
underwriters' partial exercise of an overallotment
option. The shares were issued at a price of $137.00 per share and the equity offering closed
today. The Operating Partnership completed its offering of
three new series of senior unsecured notes in the aggregate
principal amount of $1.75 billion
yesterday. The weighted average coupon of the notes is 3.39%
and the weighted average term is 14.7 years.
The Company intends to use the net proceeds of the two offerings
to fund (or repay borrowings used prior to the closing of the
offerings to fund) the Klepierre and Mills transactions and for
corporate and partnership purposes.
About Simon Property Group
Simon Property Group, Inc. is an S&P 500 company and
the largest real estate company in the world. The Company currently
owns or has an interest in 337 retail real estate properties in
North America and Asia comprising 245 million square feet.
The Company also owns a 29% interest in Klepierre, a
publicly-traded French REIT with a portfolio of approximately 270
shopping centers in 13 countries in Europe. The Company is
headquartered in Indianapolis,
Indiana and employs more than 5,000 people worldwide.
Simon Property Group, Inc. common stock is publicly traded on the
NYSE under the symbol SPG.
SOURCE Simon Property Group, Inc.