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Simon to Acquire 50% Ownership of Jamestown
Retail REIT Simon will acquire a 50% interest in Jamestown from founding partners Christoph and Ute Kahl, who will continue to be Jamestown shareholders, the two companies said Tuesday. Terms of the transaction, which is expected to close by year end, weren’t disclosed.
Atlanta-based Jamestown, with $13.1 billion of assets under management across three continents, will operate independently and continue to be led by CEO Matt Bronfman and president Michael Phillips, who will retain their existing ownership. Christoph Kohl will transition from day-to-day involvement as the company’s chairman to a member of the new Jamestown board.
The partnership will unlock new value creation opportunities and create a platform for future growth in the investment management sector, both companies said. With Simon, Jamestown will gain a partner with a deep platform of resources and operational tools that will enhance the firm’s ability to scale and grow.
With Jamestown, Simon has an opportunity to capitalize on the growing asset and investment management businesses with an experienced fund manager and mixed-use operator and developer, utilizing the Jamestown platform to accelerate Simon’s future densification projects.
“We have been impressed with Jamestown’s combination of sector expertise, dedication to driving creative placemaking, and reputation in the fund management business,” said David Simon, chairman, CEO and president of Simon. “Their 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’s investment platform.”
Goldman Sachs is serving as exclusive financial advisor to Jamestown and King & Spalding LLP and CMS Germany are serving as its legal counsel. Wells Fargo Securities LLC is serving as exclusive financial advisor to Simon, with Latham & Watkins LLP serving as its legal counsel.
Pictured: Jamestown’s Chelsea Market in Manhattan.
- ◦Sale/Acquisition
