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Washington Prime Will Buy Glimcher for $2B Cash and Stock

Real estate investment trust Washington Prime Group Inc. (WPG) has agreed to buy peer Glimcher Realty Trust (GRT) for about $2 billion in cash and stock. This deal is valued at about $4.3 billion including debt. The deal gives Washington Prime more malls, outlet and open-air shopping centers and an operating platform for its business, which is currently managed under an agreement with Simon that runs through May 2016. The combined company expects to increase income through higher occupancies and rents. The combined entity, to be known as Glimcher WP, will have about 68 million square feet of gross leasable area and a portfolio of 119 properties.

Washington Prime Will Buy Glimcher for $2B Cash and Stock
Under the terms of the transaction, Glimcher’s shareholders will receive $10.40 in cash and 0.1989 of a share in WPG stock at closing. The stock portion of the consideration is valued at $3.80.
As part of the transaction, Simon Property will acquire Jersey Gardens in Elizabeth, New Jersey, and University Park Village in Fort Worth, Texas, properties currently owned by Glimcher, for $1.09 billion in cash.

Washington Prime Will Buy Glimcher for $2B Cash and Stock

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Written by Slamchica

Aleksandra Arsenovic graduated with a degree in economics and has a master degree in tourism. Since she worked as a travel agent, she has traveled around the world and developed an interest in luxurious hotels and exotic destinations. As a big fashion fan, Aleksandra loves expensive and luxury fashion items. As an editor of Extravaganzi she shares her knowledge about travels, fashion and accessories.

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