The ability to buy services like facility maintenance, security, advertising and sponsorship in bulk is key to Tecient's success, and by bringing the Simon portfolio on board the company believes it could aggregate the buying power of as many as 400 malls representing 240 million sf with an annual footfall of 3.4 billion people.
In a statement the partners said: 'Simon Property Group's portfolio size and proficient knowledge of the shopping centre and retail industry, along with their affiliated companies, Simon Business Network and Simon Brand Ventures would bring critical mass and a large measure of expertise to Tecient's retail growth strategy.
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