Possible Tanger acquisition of Jeffersonville Prime Outlets

The FTC is seeking public comment on Simon Property Group's request to divest its Prime Outlets asset in Jeffersonville, Ohio, to North Carolina-based Tanger Properties Limited Partnership.
Simon has filed an application with the Federal Trade Commission seeking approval to divest this property. Simon is required to divest one of its two outlet centers located in Southwest Ohio under the FTC's January 13, 2011 Decision and Order. The FTC required a divestiture in this geographic market as part of a settlement to remedy the lessening of competition in retail space at outlet centers resulting from Simon's acquisition of Prime Outlets Acquisition Company LLC, which occurred in August 2010.

Simon proposes to sell the Jeffersonville Prime Outlets outlet center to Tanger under a purchase and sale agreement dated March 4, 2011, "in a manner that fully complies with the terms of the Decision and Order." Simon has requested a decision on the application by June 24, 2011.\

The Commission is accepting public comments on Simon's application until May 30, 2011.

SOURCE: CityBiz Real Estate