Transactions & Cases Detail
Simon Property Group, Calloway REIT and SmartCentres acquire site for Premium Outlet
December 10, 2012
Real Property / Construction
On December 10, 2012, Simon Property Group Inc., Calloway Real Estate Investment Trust and SmartCentres completed the acquisition of the site for the development of a second Premium Outlet Centre in Canada. The centre will be located in the Town of Mirabel, Québec, approximately 20 miles north of Montréal. The project, called Montréal Premium Outlet, is a joint venture between Simon, Calloway and Penguin with Simon having a 50% interest and each of Calloway and SmartCentres having a 25% interest. Phase 1 will be comprised of 350,000 square feet of gross leasable area and 80 stores.
Simon Property Group, headquartered in Indianapolis, Indiana, is a commercial real estate company.
Calloway, headquartered in Vaughan, Ontario, is an unincorporated open-end real estate investment trust.
SmartCentres, headquartered in Vaughan, Ontario, is a developer and operator of unenclosed shopping centres.
McCarthy Tétrault LLP acted as Canadian counsel to Simon Property Group, with a team led by Annie Gagnon-Larocque.