COLUMBUS—Washington Prime Group Inc., the strip center REIT, has just completed its $4.3 billion acquisition of Columbus-based Glimcher Realty Trust. The company now goes by the name of WP GLIMCHER, but continues on the New York Stock Exchange as WPG. This is the second big shift for Washington Prime, which spun off from Simon Property Group Inc. in 2014, in the past year. The new, combined company owns and manages 119 shopping centers totaling more than 68-million-square-feet.
“We are very pleased to have completed our acquisition of Glimcher so quickly, which will allow us to begin taking advantage of the strengths of the combined company,” says Mark S. Ordan, the chief executive officer of Washington Prime, “including a broad and diverse group of strong cash flowing assets and a strong platform in Columbus as a foundation for growth.” The new company will focus on “acquiring new properties in both enclosed and open air large format shopping centers that have a long term place in their markets.” He will serve as executive chairman of WP GLIMCHER.
The company will make its headquarters in Columbus. Furthermore, Michael P. Glimcher will serve as its chief executive officer and vice chairman. “This transaction delivers immediate benefit to Glimcher shareholders and creates a combined company and team positioned to deliver enhanced shareholder value,” he says.
In addition, Simon Property Group has also just completed the acquisition of Jersey Gardens in Elizabeth, NJ and University Park Village in Fort Worth, TX, both previously owned by Glimcher, for $1.09 billion.
Washington Prime received financial advice from Citi and legal advice from Wachtell, Lipton, Rosen & Katz. Willkie Farr & Gallagher LLP provided legal advice on the sale of the two Glimcher properties to Simon.
Glimcher used GreenOak Real Estate US LLC and Morgan Stanley & Co. LLC as financial advisors, and Simpson Thacher & Bartlett LLP provided legal advice.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
