Glimcher To Pay $289M For Hawaiian Mall From Blackstone

Law360, New York (March 21, 2012, 8:01 PM EDT) -- Glimcher Realty Trust plans to buy an 80 percent interest in the Pearlridge Center, a mall in Honolulu, for $289.4 million from Blackstone Real Estate Partners VI, Glimcher announced Wednesday.

The sale price includes Blackstone’s pro-rata share of $175 million in mortgage debt and approximately $149.4 million in cash, Glimcher said. A Glimcher affiliate owns the other 20 percent stake in the mall, it said.

Glimcher said it will pay for the acquisition through net proceeds from its public offering of 17.5 million common shares and...
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