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Lightstone Group Completes $2.3 Billion Disposition of Prime Outlets
As reported in The Wall Street Journal, Simon Property Group, Inc., the largest public U.S. real estate company, announced on August 30, that it has completed its acquisition of the outlet shopping center business of Prime Outlets Acquisition Company, a portfolio company of Paul, Weiss client The Lightstone Group. The transaction is valued at approximately $2.3 billion and includes the assumption of Prime Outlets' existing indebtedness and preferred stock. Prime Outlets is a leading owner, manager, operator and developer of outlet centers in the U.S. and the acquisition adds to Simon's portfolio of 21 high quality outlet centers located in major metropolitan markets and popular tourist destinations.
The Paul, Weiss team representing the seller in the transaction included corporate partners Eric Goodison, John Kennedy, Jeff Marell and Bob Schumer, associates Danielle Gaier, Zoe Hilden, Daniel Levine, Daniel Mun, Brett Nadritch, Barry Spatzer, Eric Stoller, Judith Tomkins and Karina Yamada, and summer associate Andrea Hernandez; real estate partner Peter Fisch, and associates Brandilyn Dumas, Leslie Horton, Julia Milne and Andrew Wurzburger; tax partner Jeff Samuels, and associates Lee Hepner, John Hynes and David Levine; employee benefits partner Larry Witdorchic, and associates Erin Murphy and Romica Singh; environmental counsel Bill O'Brien; antitrust partner Joe Simons, and associates Karen Berenthal, Danielle Clark, Andrew Croner, Ludovic Ghesquiere, Brian Hart, Michelle Jones and Norman Pentelovitch; and litigation partner Allan Arffa, and associates Andree Goldsmith, Magdalena Hernandez, Donna Lee and Leila Nelson. Additional thanks to the numerous other associates, staff attorneys and paralegals from various departments who pitched in over the course of the matter.