The Blackstone Group (BX) and Glimcher (GRT) to Form Joint Venture
November 05, 2009 6:46 PM
The Blackstone Group (NYSE: BX))and Glimcher Realty Trust (NYSE: GRT) announced a partnership for the acquisition and management of two regional malls.
The assets for the joint venture will consist of two existing Glimcher mall properties: Lloyd Center in Portland, Oregon and WestShore Plaza in Tampa, Florida. The gross value for the combined transaction is approximately $320 million which would include assumption of the approximately $218 million in mortgage loans currently in place on the properties. The transaction is expected to generate net proceeds of approximately $60 million to Glimcher after considering debt assumption and typical closing costs. These proceeds will be used to reduce amounts outstanding under Glimcher's credit facility.
