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HONOLULU, CA-Glimcher Realty Trust plans to purchase the 80% indirect ownership interest in Pearlridge Center in Honolulu for $289.4 million from affiliates of Blackstone Real Estate Partners VI. The purchase price for this ownership interest includes Blackstone’s pro-rata share of the $175 million mortgage debt currently encumbering the property, resulting in a cash purchase price for Blackstone’s interest of approximately $149.4 million.
The company anticipates that the acquisition will be funded through the net proceeds from a public offering of common stock and/or available funds from the company’s credit facility, according to a prepared statement. The transaction is expected to close during the second quarter of 2012 and is subject to customary closing conditions.
“With sales of nearly $500 per square foot and a dynamic growth profile, this strategic investment is consistent with our goal of enhancing the quality of our real estate portfolio,” explains Michael Glimcher, chairman and CEO, in a prepared statement. “With sales of nearly $500 per square foot and a dynamic growth profile, this strategic investment is consistent with our goal of enhancing the quality of our real estate portfolio.”
Pearlridge was acquired in 2010 by a joint venture that is owned 80% by an affiliate of Blackstone and 20% by an affiliate of Glimcher. Pearlridge is the second largest mall in Hawaii with a total leasable area of over 1.0 million square feet. The property has in-line tenant sales of nearly $500 per square foot and an occupancy rate of more than 99%.
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