Simon Property Group Acquires 50% Ownership Of Silver Sands Factory Stores

INDIANAPOLIS, June 4, 2012 /PRNewswire/ -- Simon Property Group, Inc. (NYSE: SPG), the world's leading retail real estate company, announced today that it has acquired 50% of Silver Sands Factory Stores, a popular outlet shopping destination located in Destin, Florida. Howard Group, developer of the center, will remain 50% owner of the center.  Simon will assume primary responsibility of leasing and management duties.

Silver Sands Factory Stores is located on Emerald Coast Parkway, in the heart of Northwest Florida Beaches. The 465,000 square foot, upscale outlet center is home to over 100 stores including Ann Taylor Factory Store, Coach, Cole Haan, J.Crew, Kenneth Cole, Michael Kors, Nike and Saks Fifth Avenue OFF 5TH.  The highly productive designer outlet center helped pioneer and shape the retail landscape in Northwest Florida as the first center to attract the nation's top designers to the region. Silver Sands Factory Stores opened in 1992 and is celebrating its 20th Anniversary through year long promotions and events to reward its shoppers, the community and associates.

"We are thrilled to be partnering with Howard Group on this successful center," noted John R. Klein, President of Simon's Premium Outlets® division.  "We look forward to combining our collective expertise in the outlet sector to offer enhanced programs and benefits to our shoppers and merchants."

"We are pleased to have Simon Property Group and its Premium Outlets team as partners of Silver Sands Factory Stores," commented Keith Howard, President and Chief Executive Officer, Howard Group.  "As we celebrate the center's 20 years of growth, we look forward to continued success.  Today, the center is one of Walton County's largest employers."

 SOURCE Simon Property Group, Inc.