The county’s biggest retail landlord, Simon, is beefing up its fund management and mixed-use placemaking expertise, acquiring a 50% stake in development firm Jamestown from founders Christoph and Ute Kahl.

Simon said the deal will allow it to tap Jamestown’s expertise in the growing asset and investment management businesses. Jamestown’s mixed-use operation and development experience also will fuel densification of Simon’s existing properties. “At Jamestown, our goal is to be the best mixed-use investor globally, focusing on creating innovation hubs and community centers,” said president Michael Phillips. “The partnership with Simon will help us achieve that goal and position us for our next chapter as we scale our differentiated products in an increasingly global world.”

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The Kahls will continue to be Jamestown shareholders. Meanwhile, Jamestown will operate independently. Phillips and CEO Matt Bronfman will continue to lead the company and will retain their ownership stakes. Christoph Kahl will transition from day-to-day involvement as chair to a member of the new Jamestown board.

The 39-year-old Jamestown has $13 billion in assets under management and a portfolio spanning key markets in the U.S., Latin America and Europe. Current and previous projects include One Times Square and Chelsea Market in New York City; Ponce City Market in Atlanta; Ghirardelli Square in San Francisco, pictured at top; and properties in Lisbon, Portugal, and Rotterdam, Netherlands.

Jamestown operates six investment vehicles, including ones focused on raising money for projects in Germany, Latin America and throughout Europe.

The deal is expected to close this year.