Simon Property Group’s chairman, CEO and president David Simon has revealed the company “successfully sold” its remaining investment in Authentic Brands Group generating total gross proceeds of $1.45bn.

This included the sale of a portion of its interest in Q4 of 2023.

The company’s Q1 results benefitted from the sale of its remaining ownership interest in Authentic Brands Group with its net income including after-tax net gains of $303.9m, or $0.81 per diluted share. It has also raised its quarterly dividend and is increasing the mid-point of its full-year 2024 guidance.

GlobalData retail analyst Neil Saunders told Just Style exclusively: “Simon’s core property business is solid so it doesn’t rely on retail as an add-on.”

However, he continued: “The company has generated a fantastic return on its investment, and probably felt that the time was right to sell its remaining stake as it received a good price for it.”

Saunders also pointed out that while the venture has been incredibly successful, Simon has always made it clear that its focus is on property rather than on retail.

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Neither Simon Property Group nor Authentic Brands Group responded to Just Style’s request for comment at the time of going to press.

In February Authentic reportedly ended its dealings with AARC, a Dutch company that had been running its Ted Baker stores and e-commerce business in Europe.

Earlier this year industry onlookers suggested classic footwear brand Sperry, owned by Wolverine Worldwide, would benefit from a modern facelift following its acquisition by Authentic Brands Group and its licensing deal with Aldo Group.