Simon® Acquires Swire Properties' Interest in the Open-Air Shopping Center at Brickell City Centre

Rhea-AI Summary

Simon (NYSE:SPG) has announced the acquisition of Swire Properties' interest in the retail and parking components of Brickell City Centre in Miami. The premier open-air shopping center spans 500,000 square feet within a larger 5-million-square-foot mixed-use development.

The center features over 90 retail stores and 15+ dining and entertainment venues, anchored by Saks Fifth Avenue. Previously holding a 25% non-managing interest, Simon will now fully own and manage the property, which is distinguished by its innovative Climate Ribbon™ canopy system.

Positive

• Acquisition provides full ownership and management control of a premium Miami retail asset
• Property features 500,000 square feet of high-end retail space in prime Brickell location
• Strong tenant mix including luxury brands and premium retailers like Apple, Chanel, and Saks Fifth Avenue
• Strategic expansion in the growing Miami market

Negative

• Significant capital investment required for full ownership acquisition
• Increased exposure to Miami retail market risks

INDIANAPOLIS, June 27, 2025 /PRNewswire/ -- Simon^®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, and Swire Properties, Inc., a leading developer of mixed-use, commercial, and residential properties in Miami, today announced that Simon has acquired Swire Properties' interest in the retail and parking at Brickell City Centre.

Brickell City Centre is a mixed-use property that has been recognized for its architectural sophistication, spanning approximately five million square feet. This model for integrated urban design features a 500,000-square-foot open-air shopping center, all under its iconic Climate Ribbon™, an innovative canopy that acts as a sunshade, creates airflow, and collects rainwater. 

Completed in 2016 and located in the heart of the Brickell district of downtown Miami, this preeminent shopping center consists of four levels of world-class dining and entertainment seamlessly interconnected across three city blocks. It is anchored by a Saks Fifth Avenue, with a Casa Tua Cucina location. The property has more than 90 retail stores, including Apple, Chanel Fragrance & Beauty Boutique, Coach, Kirk Jewelers, lululemon, Sephora, Zara, Richard Mille, Sandro and Nike, and more than 15 premium dining and entertainment locations, including Motek, Tacology, The Henry, PuttShack, and a luxury VIP Cinema Experience from CMX.

Prior to the acquisition, Simon owned a 25%, non-managing interest in the retail at Brickell City Centre, and, following this transaction, will wholly own and manage the asset.

About Simon
Simon^® 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). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

About Swire Properties, Inc.
Swire Properties, Inc., headquartered in Miami since 1979, is one of South Florida's leading developers of urban office, hotel, and condominium properties. The powerhouse developer is known for its $1-billion, master-planned development of Brickell City Centre and the island of Brickell Key in downtown Miami. The Company is the U.S. real estate arm of Swire Properties Limited, which develops and manages commercial, retail, hotels, and residential properties globally. Swire Properties is widely recognized for its staunch commitment to sustainable development and is ranked highly on major global sustainable development benchmarks and indices. It ranked No. 1 in the Real Estate Management & Development Industry category on the Dow Jones Sustainability World Index 2024. Swire Properties' ultimate holding company is John Swire & Sons Limited, an international conglomerate with a diversified portfolio of businesses that was founded in Liverpool over 200 years ago and is headquartered in the U.K. For more information, visit https://swirepropertiesusa.com/.

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SOURCE Simon

FAQ

What did Simon (SPG) acquire from Swire Properties in June 2025?

Simon acquired Swire Properties' interest in the retail and parking components of Brickell City Centre in Miami, moving from a 25% non-managing interest to full ownership and management of the asset.

How large is the Brickell City Centre shopping center acquired by Simon?

The open-air shopping center spans 500,000 square feet within a larger 5-million-square-foot mixed-use development.

What major retailers are located in the Brickell City Centre shopping center?

The center is anchored by Saks Fifth Avenue and features premium retailers including Apple, Chanel, Coach, lululemon, Sephora, Zara, Richard Mille, and others.

What is the Climate Ribbon at Brickell City Centre?

The Climate Ribbon™ is an innovative architectural canopy that provides sunshade, creates airflow, and collects rainwater, covering the open-air shopping center.

What was Simon's ownership stake in Brickell City Centre before this acquisition?

Prior to the acquisition, Simon held a 25% non-managing interest in the retail portion of Brickell City Centre.