Simon acquires Swire Properties’ stake in Brickell City Centre retail

INDIANAPOLIS/MIAMI - Simon Property Group (NYSE:SPG), a prominent $61 billion retail REIT currently trading above its InvestingPro Fair Value, has acquired Swire Properties’ interest in the retail and parking components of Brickell City Centre in Miami, according to a press release issued Friday.

Simon previously held a 25% non-managing interest in the retail portion of the mixed-use development and will now wholly own and manage the asset. Financial terms of the transaction were not disclosed. The company, which boasts a robust 5.23% dividend yield and has maintained dividend payments for 32 consecutive years, continues to strengthen its portfolio of premium retail assets.

Brickell City Centre, completed in 2016, features a 500,000-square-foot open-air shopping center located in downtown Miami’s Brickell district. The center includes four levels of retail space spanning three city blocks, anchored by Saks Fifth Avenue. For detailed analysis of Simon Property Group’s portfolio performance and growth metrics, investors can access comprehensive research reports on InvestingPro, which covers over 1,400 US stocks with expert insights and valuations.

The property houses more than 90 retail stores including Apple, Chanel Fragrance & Beauty Boutique, and Nike, along with over 15 dining and entertainment venues. It is recognized for its architectural design, which includes the Climate Ribbon, a canopy that provides shade, creates airflow, and collects rainwater.

Swire Properties, headquartered in Miami since 1979, developed the Brickell City Centre as part of a $1 billion master-planned project. The company is the U.S. real estate arm of Swire Properties Limited.

Simon, a real estate investment trust and S&P 100 company, owns and operates shopping, dining, and entertainment destinations across North America, Europe, and Asia.

In other recent news, Simon Property Group has reported several notable developments. Jefferies has raised its price target for the company to $178 from $176, maintaining a Buy rating, following adjustments to its earnings forecasts. Meanwhile, Citi lowered its price target to $170 from $185, retaining a Neutral rating, due to revised funds from operations estimates and broader economic concerns. Stifel continues to uphold a Buy rating with a price target of $180, aligning with Simon Property Group’s guidance for 2025 funds from operations between $12.40 and $12.65 per share.

The company has also completed its redomestication from Delaware to Indiana, a move approved by shareholders and effective as of May 15, 2025. This transition does not affect Simon Property Group’s business operations or stock trading symbols. Shareholders have elected all nominated directors and ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for 2025.

Additionally, Simon Property Group is involved in Catalyst Brands, a merger between JCPenney and SPARC Group, which is anticipated to result in cost savings and synergies. These developments reflect the company’s ongoing strategic adjustments amid changing market conditions.

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