Jamestown and Simon® Announce Strategic Partnership
Summary
New Partnership to Unlock Value Creation Investment Opportunities for JamestownINDIANAPOLIS and ATLANTA, Oct. 11, 2022 /PRNewswire/ -- Jamestown, a global real estate investment and management firm with a 39-year track record and over $13 billion in assets under management as of June 30, 2022, and Simon\xae, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment, and mixed-use destinations, today announced a strategic partnership, currently anticipated to close prior to the end of 2022, subject to regulatory approvals and other customary closing conditions.Upon closing, Simon will acquire a 50 percent interest in Jamestown from founding partners Christoph and Ute Kahl, who will continue to be Jamestown shareholders. Christoph will transition from day-to-day involvement as the companys Chairman to a member of the new Jamestown Board of Directors.The partnership will unlock new value creation opportunities and create a platform for future growth in the investment management sector. "Jamestown is a global, design-focused real estate investment and management firm with a 39-year track record and mission to create places that inspire. For more information, visit www.jamestownlp.com.Simon\xae is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Such factors include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our business, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; changes in economic and market conditions that may adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the intensely competitive market environment in the retail industry, including e-commerce; an increase in vacant space at our properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest; the transition of LIBOR to an alternative reference rate; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; environmental liabilities; the conflict in Ukraine; natural disasters; the availability of comprehensive insurance coverage; the potential for terrorist activities; security breaches that could compromise our information technology or infrastructure; and the loss of key management personnel.