BETHESDA, MD—Washington Prime Group, thestrip-center REIT spun off from SimonProperty Group earlier this year, has agreed to buyGlimcher Realty Trust for $4.3 billion, includingthe assumption of debt. As part of the agreement, Simon willacquire two Glimcher shopping centers for a combined $1.09billion.
The combined company will be known as WP Glimcher and will becomprised of 68 million square feet of gross leasable area, spreadacross 119 properties. “We believe there is immediate benefit toour shareholders and our associates when we consider the growthprofile of the joint company,” says Glimcher CEO MichaelGlimcher. “Together, we gain a competitive advantage witha premier balance sheet, a larger pool of assets, and a provenplatform to deliver results.”
WP Glimcher will be based at Glimcher's existing headquarters inColumbus, OH. Mark S. Ordan, CEO of WashingtonPrime, will serve as executive chairman of the board, while Michael Glimcher will serve as the combined company's vice chairmanand CEO, reporting to Ordan.
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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.
