US-based Simon Property Group is buying a 50% stake in global real estate manager Jamestown.
Simon said it has agreed to acquire the interest in Jamestown from founding partners Christoph and Ute Kahl, who will continue to be Jamestown shareholders.
Jamestown will operate independently and continue to be led by CEO Matt Bronfman and president Michael Phillips, who will retain their existing ownership. Christoph Ute will transition from day-to-day involvement as the company鈥檚 chairman to a member of the new Jamestown board of directors.
Jamestown, founded in 1983, has assets under management of $13.1bn (鈧�13.5bn) and a portfolio spanning markets throughout the US, Latin America and Europe. Jamestown鈥檚 current and previous projects include One Times Square and Chelsea Market in New York, the Innovation and Design Buildings in Boston and Lisbon, and Groot Handelsgebouw in Rotterdam.
NYSE-listed Simon owns premier shopping, dining, entertainment and mixed-use destinations. The firm鈥檚 properties are located across North America, Europe and Asia.
The new partnership is expected to unlock value-creation investment opportunities for Jamestown and expand Simon鈥檚 investment management and mixed-use capabilities, the companies said.
David Simon, chairman, CEO, and president of Simon Property Group, said: 鈥淲e have been impressed with Jamestown鈥檚 combination of sector expertise, dedication to driving creative placemaking, and reputation in the fund management business.
鈥淭heir 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鈥檚 investment platform.鈥�
Phillips said: 鈥淎t Jamestown, our goal is to be the best mixed-use investor globally, focusing on creating innovation hubs and community centres. 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.鈥�
Bronfman said: 鈥淔or nearly four decades, Jamestown has strategically managed its portfolio, employing technology, innovation, and design-focused placemaking to create value for investors. This partnership will position Jamestown鈥檚 long-standing management team to continue the firm鈥檚 success story.鈥�
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