Simon Purchases Seven Federated Buildings
Simon Purchases Seven Federated Buildings May 1, 2006 - Also Announces Significant Redevelopment Plans at Each Property - INDIANAPOLIS, May 1 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (NYSE: SPG), the country's largest owner, developer and manager of high quality retail real estate, announced today that it had signed a definitive agreement with Federated Department Stores, Inc. (NYSE: FD) to buy seven Federated buildings at seven SPG properties. Closing is expected to occur in July, 2006. Following is the list of buildings that SPG is purchasing from Federated: * Filene's at Burlington Mall, Burlington, MA * L.S. Ayres at Castleton Square Mall, Indianapolis, IN * Macy's at Pheasant Lane Mall, Nashua, NH * Marshall Field's at University Park Mall, Mishawaka, IN * Famous-Barr at Eastland Mall, Evansville, IN * L.S. Ayres at Greenwood Park Mall, Greenwood, IN * Macy's at South Shore Plaza, Braintree, MA In addition, SPG announced today that it has reached an agreement with Federated to terminate the operating leases at the following locations: * Macy's at Ross Park Mall, Pittsburgh, PA * Macy's at Northshore Mall, Peabody, MA Federated also announced that it intends to convert the following stores to Bloomingdale's at SPG properties: * Robinson - May at Fashion Valley Mall, San Diego, CA * Filene's at Mall at Chestnut Hill, Newton, MA It is anticipated that these stores will reopen as Bloomingdale's in the fourth quarter of this year. On February 6, 2006 Federated announced that it had reached an agreement directly with Boscov's to sell Boscov's the following stores located at SPG properties: * Kaufmann's at South Hills Village, Pittsburgh, PA * Strawbridge's at Lehigh Valley Mall, Whitehall, PA * Strawbridge's at Montgomery Mall, Montgomeryville, PA * Strawbridge's at Oxford Valley Mall, Langhorne, PA It is anticipated that Boscov's will open these stores during the third and fourth quarters of this year.
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