Simon Property Group (SPG) will acquire Prime Outlets Acquisition Co. and certain affiliated entities from the Lightstone Group. In a transaction valued at more than $2.32bn, Simon will pay equity consideration for the owners’ interests in Prime Outlets composed of 80% cash and 20% SPG common operating partnership units. Nearly all of the interests in Prime Outlets are owned by the Lightstone Group and Lightstone Value Plus REIT. “The complementary fit of our two businesses and Simon’s skills in property management offer a significant value creation opportunity,” said David Lichtenstein, CEO and founder of the Lightstone Group. Prime Outlets owns, manages, operates and develops US outlet centers. The Prime Outlets portfolio includes 22 high-quality outlet centers located in major metropolitan markets like Washington DC, Baltimore, San Antonio, Orlando and Williamsburg, Va. The centers overseen by Prime Outlets boasted 92% occupancy as of June 30 and generated $370 in annual sales per square foot. Lightstone did not immediately provide the dollar amount paid by Simon Property in the acquisition, and a Lightstone spokesperson could not provide further comment on the deal. Write to Diana Golobay.