Simon Property and Authentic Brands have parted ways with the real estate firm selling its nearly 10 percent stake.
’s nearly 10 percent stake in the brand management giant for gross proceeds of nearly $1.2 billion in the first quarter.
“We generated substantial value from the ABG investment and a 7-times multiple on our net invested capital during our short ownership period,” Simon, who is chairman, chief executive officer and president of the real estate firm, told analysts on a conference call on Monday. Jamie Salter, CEO of Authentic Brands Group, to Be Honored as a Father of the Year
According to Salter, the players picking up Simon’s shares were Leonard Green & Partners, General Atlantic, HPS Partners, Jasper Ridge Partners and Singapore’s sovereign wealth fund Tamesek Holdings. Salter — who has become one of fashion’s foremost dealmakers — teamed with the mall giant and others toout of bankruptcy in 2016. Two years later, Simon rolled its shares in the Aéropostale licensing business into Authentic, building a 5.4 percent stake in the brand management firm that was later built up further.But Simon — who always says the company’s investments in retail were valuable, but ultimately a sideline business — is decidedly not the nostalgic type.
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