Simon Properties inked a deal to buy half of Jamestown LP, which has about $13B in real estate assets under management. The sale will close by the end of the year.

Atlanta-based Jamestown's projects include One Times Square and Chelsea Market in Manhattan, Industry City in Brooklyn, Ponce City Market in Atlanta, Ghirardelli Square in San Francisco, and the Innovation and Design Buildings in Boston, among others. The company has also developed property in Europe.

Neither party released the details of the sale, but they did say that the 50% interest in Jamestown will come from founding partners Christoph and Ute Kahl, who will continue to hold ownership stakes in Jamestown. Also, Jamestown will continue to function as a separate entity, with CEO Matt Bronfman and President Michael Phillips retaining their respective positions.

For Indianapolis-based Simon, the transaction will be an opportunity to grow its asset and investment management businesses, according to a statement by the mall giant.

Simon has an interest in 235 retail real estate properties totaling 191M SF in North America, Europe and Asia. The company's funds from operations, an important metric for REITs, was about $2.91 per share in Q2 2022, compared to $3.24 per share a year earlier.

Like most companies listed in the equity market, shares in Simon have dropped over the last year, down about 30% over the period. The company's stock was up about 1% following news of the Jamestown deal Tuesday.