Simon Property Group, Calloway REIT and SmartCentres acquire site for Premium Outlet
December 10, 2012
On December 10, 2012, Simon Property Group Inc., Calloway Real Estate Investment Trust and SmartCentres completed the acquisition of the site for the development of a second Premium Outlet Centre in Canada. The centre will be located in the Town of Mirabel, Québec, approximately 20 miles north of Montréal. The project, called Montréal Premium Outlet, is a joint venture between Simon, Calloway and Penguin with Simon having a 50% interest and each of Calloway and SmartCentres having a 25% interest. Phase 1 will be comprised of 350,000 square feet of gross leasable area and 80 stores.
Simon Property Group, headquartered in Indianapolis, Indiana, is a commercial real estate company.
Calloway, headquartered in Vaughan, Ontario, is an unincorporated open-end real estate investment trust.
SmartCentres, headquartered in Vaughan, Ontario, is a developer and operator of unenclosed shopping centres.
McCarthy Tétrault LLP acted as Canadian counsel to Simon Property Group, with a team led by Annie Gagnon-Larocque.