FTC kicks out 3 Prime Outlets from Simon Takeover

Bodamer reports that the FTC kicked out 3 centers and reduced Simon's investment by $700mm on the Prime Outlets deal...

Extended Stay creditors attempt to freeze cash from Prime Outlets

Ruh roh.

Line Trust Corp. and Deuce Properties Ltd., junior lenders to Extended Stay, will ask a New York state judge to prohibit Lightstone Group LLC and founder David Lichtenstein from transferring cash it receives from the sale, a lawyer for the companies said. Simon Property, the largest U.S. shopping mall owner, said in December it would buy Prime Outlets Acquisition Co. from Lightstone for $2.33 billion including debt.

SPG taking down Prime Outlets

I didn't see that coming - Simon paying $700mm, $2.325 bln total valuation. Lightstone needed cash from somewhere because no one would accidentally confuse them with savvy real estate investors. Probably a real good deal for Simon.

Prime Outlets Property Roster

Property	City / State	GLA (sq. ft.)
Prime Outlets Orlando	Orlando, FL	773,368
Prime Outlets Birch Run	Birch Run, MI	681,621
Prime Outlets San Marcos	San Marcos, TX	672,093
Prime Outlets Grove City	Grove City, PA	532,152
Prime Outlets Williamsburg	Williamsburg, VA	521,604
Prime Outlets Hagerstown	Hagerstown, MD	484,906
Prime Outlets Ellenton	Ellenton, FL	476,755
Prime Outlets Jeffersonville	Jeffersonville, OH	409,869
Prime Outlets Pleasant Prairie	Pleasant Prairie, WI	401,436
Prime Outlets St. Augustine	St. Augustine, FL	338,414
Prime Outlets Barceloneta	Barceloneta, PR	331,813
Prime Outlets Gaffney	Gaffney, SC	303,602
Prime Outlets Gulfport	Gulfport, MS	302,783
Prime Outlets Queenstown	Queenstown, MD	298,409
Prime Outlets Huntley	Huntley, IL	278,759
Prime Outlets Calhoun	Calhoun, GA	253,667
Prime Outlets Lebanon	Lebanon, TN	226,869
Prime Outlets Lee	Lee, MA	224,519
Prime Outlets Florida City	Florida City, FL	207,873
Outlet Marketplace	Orlando, FL	204,866
Prime Outlets Pismo Beach	Pismo Beach, CA	147,416
Prime Outlets Naples	Naples, FL	145,966
Total		8,218,760