Simon, a major real estate investment trust (REIT), has today announced its acquisition of the Phillips Place™ retail component in Charlotte, North Carolina. The transaction was completed for the open-air retail centre situated in the heart of the city’s SouthPark neighbourhood.

Phillips Place is a renowned mixed-use destination, featuring specialty retail and dining establishments. The open-air retail section spans 134,000 square feet. The full site is home to over 25 retail shops and restaurants. These include high-end brands such as alice+ olivia, Peter Millar, rag & bone, Ralph Lauren, and Veronica Beard. The destination also hosts the RH Gallery with a Rooftop Restaurant and The Palm.

The wider Phillips Place development is a mixed-use site. It includes a hotel with more than 180 rooms, which Simon already owns, and a multi-family residential component. This acquisition secures Simon’s ownership of the key retail part of the destination.

Following the completion of this transaction, Simon confirmed its commitment to maintaining the exceptional shopping experience for which Phillips Place is known. The company intends to enhance the centre over time through further offerings, careful merchandising, and continued investment. These actions are designed to reinforce Phillips Place’s position as a vibrant community destination.

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations. It is an S&P 100 company (Simon Property Group, NYSE: SPG). The Group’s properties across North America, Europe and Asia provide community gathering places for millions of people every day. These properties generate billions in annual sales.