Blackstone Makes $320M Mall Deal With Glimcher

Law360, New York (November 6, 2009, 1:34 PM EST) -- Private equity firm The Blackstone Group has inked a $320 million deal to acquire stakes in two shopping malls owned by Glimcher Realty Trust.

The firms said Friday the value of the combined joint venture transaction does include $218 million in mortgage loans currently in place on the properties.

The deal is expected to generate net proceeds of approximately $60 million for Glimcher, after debt assumption and normal closing costs, the two said.

Glimcher will use proceeds from the deal to reduce outstanding amounts under its...
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