The biggest mall owner in the U.S., Simon Property Group, will buy Prime Outlets Acquisition for $713 million, consisting of 80 percent cash and 20 percent in operating units. Simon also will assume Prime Outlets' debt and preferred stock, bringing the total value of the transaction to $2.33 billion. Simon said the deal, which will give it 22 additional outlet centers, will boost its funds from operations. The Prime Outlets centers were 92% occupied at the end of June.

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