Simon Property To Buy 28.7% Stake In Klepierre From BNP Paribas
08 Marzo 2012 - 8:04AM
Dow Jones News
Simon Property Group Inc. (SPG) said Thursday it will buy a
28.7% equity stake in Paris-based real estate company Klepierre
(LI.FR) from BNP Paribas (BNP.FR) for around $2.0 billion (EUR1.5
billion) and it will also buy 26 assets of The Mills Limited
Partnership for $1.5 billion from its joint venture partner
Farallon Capital Management.
Simon Property said in a statement it plans to buy 54.43 million
shares in Klepierre at EUR28.00 a unit and has no current plans to
acquire additional shares in the company, which focuses on the
ownership, management, and development of shopping centers, retail
properties and offices across Continental Europe.
The deal is expected to close next week. SPG said it will
receive payment of Klepierre's dividend to be declared in
April.
It also said the transaction value for The Mills deal includes
repayment of The Mills' senior loan facility and mezzanine loan,
and the retirement of preferred stock.
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