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Abstract
INDIANAPOLIS, INDIANA and TORONTO, CANADA--(Marketwire - May 23, 2011) - Simon Property Group, Inc. ("Simon Property Group") (NYSE:SPG) and Calloway Real Estate Investment Trust ("Calloway") (TSX:CWT.UN) announced today that they have signed a Letter of Intent to develop the first Premium Outlet Center(R) in Canada. The center will be located in the Town of Halton Hills, Ontario, just 15 minutes outside of Toronto. Savvy shoppers across Canada are well acquainted with Simon's Premium Outlet(R) portfolio of centers located in popular destinations across the U.S. and around the world.
"We are excited to bring the Premium Outlets branded concept of upscale outlet shopping to Canada. This location will enable us to serve over 6 million area residents within a one-hour drive," remarked John R. Klein, President of Simon's Premium Outlets platform. "Coupled with Calloway's depth of management and its major shareholder SmartCentres' proven track record in development, we believe our first project in Canada will be a resounding success."