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INDIANAPOLIS-Simon Property Group, run here by David Simon, is going to expand its outlet brand north and south of the US border. The company announced plans this week to pair with companies in Canada and Brazil to build outlet centers in those countries.
In Canada, Simon said Tuesday that it has joined Vaughn, Canada-based Calloway Real Estate Investment Trust to break ground on Toronto Premium Outlets in Halton Hills, CA on April 25. The 500,000-square-foot center will feature 100 stores along Highway 401, at Trafalgar Road, with a first phase opening in summer 2013.
The property is expected to include many US retailers looking to enter into the country. “We see tremendous opportunity to introduce our top merchants to the Canadian market,” said John Klein, president of the company’s outlet division.
Simon is also partnering with BR Malls Participacoes SA, based in Rio de Janeiro, in a 50-50 joint venture to develop and own outlet centers in Brazil. The companies signed a JV agreement that provides for the creation of a Brazilian entity that will equally and jointly owned by the two companies. The first planned project will open in Sao Paulo in 2013, according to a Simon statement.
The local mall giant already has 70 Premium-brand outlet centers, located in the United States, Japan, South Korea, Malaysia, Mexico and Puerto Rico. All of the foreign outlets were developed through joint ventures with local firms, similar to the above agreements.
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