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4-Traders Homepage  >  Equities  >  Nyse  >  Simon Property Group Inc    SPG

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Simon Property To Develop Outlet Centers In Brazil

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04/10/2012 | 12:53pm CET

Simon Property Group Inc. (>> Simon Property Group, Inc) joined forces with Brazil's largest shopping center operator, BR Malls Participacoes SA (BRML3.BR), to develop and own Outlet Centers in Latin America's largest nation.

The joint venture will be equally and jointly owned by Simon Property and BR Malls to develop and own outlet centers across Brazil. The first outlet center of the joint venture is expected to be open in the country's largest state of Sao Paulo in 2013, the companies said in a joint statement late Monday.

According to the local financial newspaper Valor Economico, the companies plan to invest a total of 1.5 billion Brazilian reais ($825 million) to open 12 out lets centers until 2019.

"We already welcome large numbers of Brazilian visitors to our outlet centers in the United States, such as Woodbury Common Premium Outlets, Orlando Premium Outlets and Sawgrass Mills, and we look forward to also serving these valued shoppers in Brazil," said John Klein, President of Simon's Premium Outlets division.

-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-3544-7071; rogerio.jelmayer@dowjones.com

Stocks mentioned in the article : Simon Property Group, Inc
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Financials ($)
Sales 2016 4 824 M
EBIT 2016 2 964 M
Net income 2016 1 976 M
Debt 2016 25 328 M
Yield 2016 3,64%
P/E ratio 2016 29,73
P/E ratio 2017 26,96
EV / Sales 2016 16,9x
EV / Sales 2017 15,8x
Capitalization 56 362 M
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Number of Analysts 23
Average target price 224 $
Spread / Average Target 25%
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NameTitle
David E. Simon Chairman & Chief Executive Officer
Richard S. Sokolov President, Chief Operating Officer & Director
Andrew A. Juster Chief Financial Officer & Executive Vice President
David Schacht Chief Information Officer & Senior Vice President
Karen N. Horn Independent Director
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