Simon Property Group has bought a 75 per cent stake in Miami’s Brickell City Centre from Hong Kong-based Swire Properties for $548.7 million.

The price includes $512.6 million in cash and a contingent consideration of up to $36.1 million if planned improvements to the property are completed without excessive cost overruns.

Brickell City Centre mall spans 496,508sqft in the Brickell financial district of Miami, Florida. It was valued at $726.4 million as of last year and recorded a net profit after tax of $48.5 million during the year ended December 31.

The mall is part of the namesake urban mixed-use development that also includes two office towers, a hotel with serviced apartments and two residential towers.

The deal encompasses the mall’s retail, restaurant, and entertainment spaces, parking areas, and certain shared areas and facilities. Simon Property Group already owns a 25 per cent stake in the property.

Swire Properties said the transaction enabled the group to realize cash from its investment. 

“The proceeds from the disposal will be applied towards the funding obligations of Swire Properties US and the general working capital requirements of the Swire Properties Group,” it added.

According to Mingtiandi, the deal marks Swire’s second exit from a Miami project in less than a month. The group posted a loss of $97.6 million last year due to markdowns on the value of its Hong Kong-focused investment property portfolio.

Swire previously announced it would begin construction of the Residences at Mandarin Oriental, Miami condo project next year.