BETHESDA, MD—Washington Prime Group, the strip-center REIT spun off from Simon Property Group earlier this year, has agreed to buy Glimcher Realty Trust for $4.3 billion, including the assumption of debt. As part of the agreement, Simon will acquire two Glimcher shopping centers for a combined $1.09 billion.
The combined company will be known as WP Glimcher and will be comprised of 68 million square feet of gross leasable area, spread across 119 properties. “We believe there is immediate benefit to our shareholders and our associates when we consider the growth profile of the joint company,” says Glimcher CEO Michael Glimcher. “Together, we gain a competitive advantage with a premier balance sheet, a larger pool of assets, and a proven platform to deliver results.”
WP Glimcher will be based at Glimcher's existing headquarters in Columbus, OH. Mark S. Ordan, CEO of Washington Prime, will serve as executive chairman of the board, while Michael Glimcher will serve as the combined company's vice chairman and CEO, reporting to Ordan.
The deal is expected to close in the first quarter of 2015. Concurrently with the closing, Simon will add Glimcher's Jersey Gardens outlet center in Elizabeth, NJ and University Park Village in Fort Worth to its portfolio.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
