Washington Prime Acquires Glimcher Trust

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.