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Glimcher Realty Trust to purchase 60% stake in property for $111.8M

Glimcher Realty Trust announced plans to purchase the remaining interest in WestShore Plaza in Tampa, Florida from its joint venture partner and to sell the company’s 40% interest in Lloyd Center in Portland, Oregon. Currently, both properties are held in a joint venture in which Glimcher holds a 40% interest. The remaining 60% interest is held by an affiliate of Blackstone Real Estate (BX). Glimcher will purchase the 60% interest in WestShore Plaza for $111.8M, by assuming Blackstone’s pro-rata share of the $119.6M loan and for cash consideration paid to Blackstone of $40M. In an unrelated transaction, Lloyd Center will be sold to two unaffiliated third parties. Glimcher’s share of net proceeds from the sale of Lloyd Center and four contiguous outparcels after repayment of the existing loan on the property will be approximately $28.4M. After these transactions close, the joint venture between Glimcher and Blackstone will no longer own any assets or real estate properties other than certain liquid assets to cover post-closing obligations related to the aforementioned transactions.