Simon Property Group Inc. is using its purse to expand in both the U.S. and Europe, cutting deals worth a total of $3.5 billion to take a minority stake in Parisian shopping center developer Klépierre and to add 26 properties domestically.

In an agreement expected to close next week, Simon said it would acquire a 28.7 percent equity stake in Klépierre from BNP Paribas for 28 euros a share, valuing the transaction at about 1.5 billion euros, or $2 billion. The Klépierre business includes 271 shopping centers in 13 countries.

“The investment in Klépierre represents an attractive opportunity for [Simon] as we seek to broaden our global footprint,” said David Simon, chairman and chief executive officer. The executive will become chairman of Klépierre’s nine member supervisory board, which will also include two other Simon representatives.

The real estate firm also signed an agreement with its joint venture partner Farallon Capital Management to buy the 26 properties in The Mills Limited Partnership. The transaction is valued at $1.5 billion and includes the repayment of debt.

“The Mills transaction is a compelling opportunity for SPG to expand our investment in a portfolio of assets we know well and already manage, which are well-located in key metropolitan markets, have considerable consumer brand equity and large trade areas, and generate significant cash flow and total sales volumes,” Simon said.

The Mills business has properties in Tempe, Ariz.; Nashville; Reno.; Miami, and elsewhere.

Shares of Simon were down 1.7 percent to $135.88 in midday trading.

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