Simon, Jamestown Strike Partnership Deal

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In a step that brings together a giant retail REIT and a leading placemaker, Simon Property Group and Jamestown are joining forces in a new strategic partnership, the companies announced on Tuesday morning. Simon will acquire a 50 percent stake in Jamestown from the company’s founding partners, Christoph and Ute Kahl.

Matt Bronfman, the firm’s CEO, and Michael Phillips, its president, will continue in their roles and retain their leadership positions. Christoph Karl will move from his current role as Jamestown’s chairman to a position on the company’s board of directors.

The deal is on track to close by the end of the year.

In a statement, the partners cited the opportunity for Simon to enhance its densification strategy with Jamestown’s experience as a fund manager, operator and developer. Simon’s resources and operational tools will contribute to Jamestown’s capacity to scale up its platform. Jamestown’s focus is on innovation hubs and community centers, Bronfman noted in a statement.

As of June 30, Jamestown had $13.1 billion in assets under management and a portfolio encompassing the U.S., Latin America and Europe. The company’s noteworthy U.S. projects range from Chelsea Maret in Manhattan and Atlanta’s Ponce City Market to Ghirardelli Square in San Francisco.