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.
Simon and Chelsea have worked together before. The companies both own Las Vegas Premium Outlets and Chicago Premium Outlets, in Aurora, Ill., which opened in the summer. They also jointly opened Orlando Premium Outlets in 2000, but Simon sold its stake in that center to Chelsea two years later.
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