(ICSCRECON is coming up and GlobeSt.com has amonth of special coverage in the works. Don’t miss a bit ofit. Click here for moreinformation.)
HONOLULU, CA-Glimcher Realty Trust plans topurchase the 80% indirect ownership interest in Pearlridge Centerin Honolulu for $289.4 million from affiliates ofBlackstone Real Estate Partners VI. The purchaseprice for this ownership interest includes Blackstone’s pro-ratashare of the $175 million mortgage debt currently encumbering theproperty, resulting in a cash purchase price for Blackstone’sinterest of approximately $149.4 million.
The company anticipates that the acquisition will be fundedthrough the net proceeds from a public offering of common stockand/or available funds from the company’s credit facility,according to a prepared statement. The transaction is expected toclose during the second quarter of 2012 and is subject to customaryclosing conditions.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.