INDIANAPOLIS, April 15, 2016 /PRNewswire/ -- Simon Property
Group, a global leader in retail real estate, and Invesco Real
Estate announced today the closing of their acquisition of The
Shops at Crystals in Las Vegas,
Nevada in a 50:50 joint venture. The purchase price was
approximately $1.1 billion. Simon
will lease and manage The Shops at Crystals for the joint
venture.
Located at the entryway of CityCenter and in the heart of
the Las Vegas Strip, The Shops at Crystals is a stunning luxury
retail property that boasts more than 324,000 square feet of highly
sought-after retail space. It is anchored by 10 luxury flagship
stores including Louis Vuitton,
Gucci, Dolce & Gabbana, Tom
Ford, Prada, Fendi and Tiffany & Co., as well as 30
unique-to-market luxury retailers including Céline,
Saint Laurent and Richard
Mille.
The asset features a dedicated tram station, connecting it
to the Bellagio Resort & Casino, ARIA Resort &
Casino and Monte Carlo Resort & Casino, and is
in close proximity to several luxury resorts totaling approximately
16,000 rooms. It is also the most pedestrian accessible and
centrally located retail property on the Las Vegas
Strip.
About Invesco
Invesco Real Estate is
a global leader in the real estate investment management business
with over $64.0 billion under management, 434 employees
and 21 regional offices across Asia, Europe and the US.
It was established in 1983 and has been actively investing in core,
value-add and opportunistic real estate strategies since
1992. Invesco Real Estate is an investment center
of Invesco Advisers, Inc., which is an indirect, wholly owned
subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest
investment management firms in the world with $775.6
billion in assets under management and on-the-ground presence
in 25 cities worldwide. Information as of December 31,
2015.
About Simon
Simon is a global leader in retail real
estate ownership, management and development and an S&P100
company (Simon Property Group, NYSE:SPG). Our
industry-leading retail properties and investments across
North America, Europe and Asia provide shopping experiences for millions
of consumers every day and generate billions in annual retail
sales. For more information, visit simon.com.
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SOURCE Simon