Ian Ritter is national online editor of GlobeSt.RETAIL.
ROSELAND, NJ-More than two-thirds of Chelsea Property Group shareholders have approved the $3.5-billion acquisition of their company by Indianapolis-based Simon Property Group. Chelsea stockholders will receive $66 per share from the transaction. Company officials say they expect to close the deal today.
Chelsea, based here, is the largest US outlet center owner. The deal gives Simon, the largest mall owner, 60 properties totaling 16.9 million sf in the US and Japan. The transaction was first announced in June.
Chelsea has been a public company for 10 years. After the transaction, it will become a wholly owned subsidiary of Simon and remain headquartered here. The outlet owner will also retain its current management team, and Chelsea chairman and CEO David Bloom will become an advisory director on Simon's board.
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