Simon Agrees to Form JV - Analyst Blog
November 21 2011 - 1:02PM
Zacks
Simon Property Group, Inc. (SPG), Woodmont
Outlets and EWB Development LLC recently agreed to create a joint
venture agreement for the development, construction, leasing and
management of St. Louis Premium Outlets. Simon Property will own a
60% stake in this project.
The new upscale outlet center which is spread across 55 acres
will anchor the mixed-use property under development named
Chesterfield Blue Valley in Chesterfield, Missouri. The new outlet
center is a part of Simon Property Group's premium outlets
platform, which is well known with 69 properties worldwide.
The location of the new center is another advantage as it is one
of the most affluent communities in the metro area with good
transportation network on the south side of I-64/US highway 40. The
site is located near a community of 2.8 million people with
an average household income of $95,000.
The mixed used outlet center includes office space, hotel,
restaurant and entertainment venues. The community has a lot of
scope for further expansion and there is an additional 75 acres
available for mixed-use development within Chesterfield Blue
Valley.
Headquartered in Indianapolis, Indiana, Simon Property is the
largest publicly traded retail real estate company in North
America, engaged in acquiring, owning and leasing a diverse
portfolio of shopping malls.
Furthermore, the company’s international presence gives it a
more sustainable long-term growth story than its domestically
focused peers. The geographic and product diversity of the company
is a hedge against market volatility and assures a steady source of
income.
Simon Property currently retains a Zacks #2 Rank, which
translates into a short-term Buy rating. One of its competitors,
Macerich Co (MAC) also holds a Zacks #3 Rank,
which translates into a short term Hold rating.
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