Markets Wired

Simon Property Group, Inc. has filed an application with the Federal Trade Commission seeking approval to divest its Prime Outlets outlet center located in Jeffersonville, Ohio, to Tanger Properties Limited Partnership. Simon is required to divest one of its two outlet centers located in Southwest Ohio under the FTC’s January 13, 2011 Decision and Order. The FTC required a divestiture in this geographic market as part of a settlement to remedy the lessening of competition in retail space at outlet centers resulting from Simon’s acquisition of Prime Outlets Acquisition Company LLC, which occurred in August 2010.

Simon proposes to sell the Jeffersonville Prime Outlets outlet center to Tanger under a purchase and sale agreement dated March 4, 2011, “in a manner that fully complies with the terms of the Decision and Order.” Simon has requested a decision on the application by June 24, 2011.

The Commission is accepting public comments on Simon’s application until May 30, 2011. Written comments should be sent to: FTC Office of the Secretary, 600 Pennsylvania Ave., N.W., Washington, DC 20580. To file a comment, please click here, and follow the instructions at that site. Copies of the application also can be found on the FTC’s website and as a link to this press release. (FTC File No. 101-0061, Docket No. C-4307; the staff contact is Elizabeth A. Piotrowski, Bureau of Competition, 202-326-2623; see press release dated November 10, 2010.)

Copies of the document mentioned in this release are available from the FTC’s website at http://www.ftc.gov and from the FTC’s Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, DC 20580. Call toll-free: 1-877-FTC-HELP.

(FYI 21.2011.wpd)