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Simon® Acquires Swire Properties' Interest in the Open-Air Shopping Center at Brickell City Centre

1. Simon Property Group acquires full ownership of Brickell City Centre's retail space. 2. Brickell City Centre features over 90 premium retail stores and restaurants. 3. The acquisition increases Simon’s control in a high-traffic Miami shopping destination. 4. Simon previously held a 25% non-managing interest in this property. 5. The asset is recognized for its innovative urban design and sustainability features.

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FAQ

Why Bullish?

This acquisition signals growth and an increase in asset control, enhancing SPG's portfolio and revenue potential. Historical acquisitions by SPG have often led to price appreciation due to enhanced cash flows.

How important is it?

The acquisition of a prime asset like Brickell City Centre directly enhances SPG's market position and revenue generation potential, making it highly consequential for investors.

Why Long Term?

The full management control of Brickell City Centre is expected to yield ongoing benefits over time, reflecting a strategy that typically enhances value in the long run. For example, Simon's past real estate expansions have resulted in sustained income growth.

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, /PRNewswire/ -- Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, and Swire Properties, Inc., a leading developer of mixed-use, commercial, and residential properties in Miami, today announced that Simon has acquired Swire Properties' interest in the retail and parking at Brickell City Centre. Brickell City Centre is a mixed-use property that has been recognized for its architectural sophistication, spanning approximately five million square feet. This model for integrated urban design features a 500,000-square-foot open-air shopping center, all under its iconic Climate Ribbon™, an innovative canopy that acts as a sunshade, creates airflow, and collects rainwater.  Completed in 2016 and located in the heart of the Brickell district of downtown Miami, this preeminent shopping center consists of four levels of world-class dining and entertainment seamlessly interconnected across three city blocks. It is anchored by a Saks Fifth Avenue, with a Casa Tua Cucina location. The property has more than 90 retail stores, including Apple, Chanel Fragrance & Beauty Boutique, Coach, Kirk Jewelers, lululemon, Sephora, Zara, Richard Mille, Sandro and Nike, and more than 15 premium dining and entertainment locations, including Motek, Tacology, The Henry, PuttShack, and a luxury VIP Cinema Experience from CMX. Prior to the acquisition, Simon owned a 25%, non-managing interest in the retail at Brickell City Centre, and, following this transaction, will wholly own and manage the asset.About SimonSimon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.About Swire Properties, Inc.Swire Properties, Inc., headquartered in Miami since 1979, is one of South Florida's leading developers of urban office, hotel, and condominium properties. The powerhouse developer is known for its $1-billion, master-planned development of Brickell City Centre and the island of Brickell Key in downtown Miami. The Company is the U.S. real estate arm of Swire Properties Limited, which develops and manages commercial, retail, hotels, and residential properties globally. Swire Properties is widely recognized for its staunch commitment to sustainable development and is ranked highly on major global sustainable development benchmarks and indices. It ranked No. 1 in the Real Estate Management & Development Industry category on the Dow Jones Sustainability World Index 2024. Swire Properties' ultimate holding company is John Swire & Sons Limited, an international conglomerate with a diversified portfolio of businesses that was founded in Liverpool over 200 years ago and is headquartered in the U.K. For more information, visit https://swirepropertiesusa.com/.SOURCE Simon WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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