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Simon Property Group Inc. (NYSE: SPG) defied prevailing commercial real estate trends yesterday (Tuesday) by agreeing to acquire Prime Outlets Acquisition LLC, an operator of 22 outlet centers around the nation, for $2.33 billion including debt.
Prime Outlets operates factory outlet centers in major U.S. metropolitan markets including Washington D.C., Baltimore, San Antonio and Orlando. The centers were 92% occupied as of June 30 and generated sales of about $370 a square foot, Simon Property said.
Simon will pay Prime Outlets' owners $700 million, 80% in cash and 20% in common operating partnership units, plus $1.63 billion in debt, Indianapolis-based Simon Property said.