Simon inks partnership with Atlanta real estate firm
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Indianapolis-based Simon Property Group Inc. (NYSE: SPG) and Jamestown, a real estate investment and management firm headquartered in Atlanta, have announced a strategic partnership. When complete, Simon says it will acquire a 50% interest in Jamestown from founding partners Christoph and Ute Kahl, who will continue to be Jamestown shareholders.
Simon says Jamestown will operate independently and continue to be led by CEO Matt Bronfman and President Michael Phillips, and they will retain their ownership. Christoph will transition to a member of Jamestown’s new board of directors.
“We have been impressed with Jamestown’s combination of sector expertise, dedication to driving creative placemaking, and reputation in the fund management business,” said David Simon, CEO and president of Simon. “Their strong leadership team and track record align with our focus on investing in best-in-class partners. Jamestown is well-positioned for future growth, and we are excited about the continued expansion of Simon’s investment platform.”
According to the companies, the partnership will offer new value-add opportunities and create a platform to continue to grow the investment management sector.
“At Jamestown, our goal is to be the best mixed-use investor globally, focusing on creating innovation hubs and community centers,” said Phillips. “The partnership with Simon will help us achieve that goal and position us for our next chapter as we scale our differentiated products in an increasingly global world.”
The deal is expected to close by the end of the year.