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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Simon Property Group is the new owner of two Italian luxury outlet malls where the roster of shops includes Armani, Balenciaga, Gucci and Versace.
Simon, the largest owner of shopping malls in the United States, purchased the malls from Paris-based Kering in a deal that generates net proceeds of 350 million euros ($363 million) for Kering, the companies announced Thursday.
Collectively, the properties are known as The Mall Luxury Outlets. One operates near Florence, Italy, as the Mall Firenze. The other operates on the Italian Riviera as the Mall Sanremo.
Kering is the parent company of brands such as Gucci, Saint Laurent, Balenciaga and Alexander McQueen. These four brands have locations at both malls and have no intent to exit, according to Thursday’s announcement.
The Mall Firenze features 37 shops, while the Mall Sanremo features 25.
In recent years, Simon’s high-profile acquisitions include a $2.8 billion deal in 2020 to purchase 80% of luxury mall owner Taubman Centers and a 2022 deal in which Simon took over 50% of real estate investment and management firm Jamestown—an entity that at the time had assets under management of $13 billion.
Simon is scheduled to issue its fourth quarter 2024 financial report on Feb. 4.
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