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.”  

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