$320 million joint venture formed by Glimcher Realty and Blackstone
The mall REIT Glimcher Realty Trust and Blackstone Group have launched a $320 million joint venture that will initially own Glimcher's WestShore Plaza in Tampa and Lloyd Center in Portland. Blackstone will end up with a 60% equity stake in the properties under the terms of the deal. Glimcher is to retain 40% ownership and retain leasing and management responsibilities for the properties. Glimcher will receive proceeds of about $60 million from the transaction.
CoStar Group | 11/05
This story published in Real Estate Investment SmartBrief on 11/06/2009
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