Miami's Brickell City Centre sold to Simon Property in up to $548.7 million deal

(Reuters) -U.S.-based shopping mall owner Simon Property Group has acquired the parking and retail segments of Miami's Brickell City Centre for up to $548.7 million from Swire Properties, the Hong Kong-listed company said on Friday.

Simon Property already owned a 25% stake in the retail component since 2025 and has now bought the remaining.

Swire said in a statement proceeds from the deal would be used for the funding requirements of the group's U.S. arm and general working capital requirements.

Brickell City Centre stretches across four floors and features more than 90 retail stores, anchored by Saks Fifth Avenue. It forms part of a mixed-use development in Miami's financial district, which also includes office and residential towers as well as a hotel.

Simon Property is a real estate investment trust engaged in the ownership of shopping malls, dining and entertainment sites.

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Devika Syamnath)