Simon Property Group has entered into a strategic deal to purchase a 50% interest in real estate investment and management company Jamestown.

The real estate investor managed $13bn in assets under management until 30 June 2022.

Simon will buy the stake from Jamestown’s founding partners Christoph and Ute Kahl.

Following the completion of the deal, both the partners will continue to be shareholders of Jamestown.

Christoph will no longer be involved in the daily activities of the firm as chairman and will become a member of the new Jamestown board of directors.

In addition, Jamestown will function as an independent entity and will continue to be headed by its CEO Matt Bronfman and president Michael Phillips.

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Both Bronfman and Phillips will keep their ownership stakes in the firm.

The deal is expected to help Jamestown to scale and grow. It will also help Simon to bank on the increasing asset and investment management businesses and to speed up its new densification projects, noted the firm.

The deal, financial details of which has not been divulged, is expected to be completed by the end of this year.

The deal is subject to regulatory approvals and other customary closing conditions.

Simon Property chairman, CEO, and president David Simon said: “We have been impressed with Jamestown’s combination of sector expertise, dedication to driving creative placemaking, and reputation in the fund management business.

“Their strong leadership team and track record align with our focus on investing in best-in-class partners.

“Jamestown is well-positioned for future growth, and we are excited about the continued expansion of Simon’s investment platform.”