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Dec 8, 2009 11:23 AM

Prime Outlets Pismo Beach to get new owner

INDIANAPOLIS (AP) - Outlet mall developer Simon Property Group Inc. says it will buy the outlet shopping centers owned by Prime Outlets Acquisition Co. and other properties, including Prime Outlets Pismo Beach.

The $2.3 billion deal includes assumption of Prime Outlets' debt and preferred stock.

Prime Outlets owns, manages, operates and develops 22 outlet centers in major metropolitan areas including Washington, Baltimore and Orlando.

Once the deal is completed, Simon will have 63 centers with
about 25 million square feet.

Simon Property shares rose 93 cents to $74.83 in morning
trading.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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