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; firstname.lastname@example.org