Glimcher Realty Trust to be acquired in $4.3 billion deal

Columbus, Ohio -- Washington Prime Group announced Tuesday it will acquire shopping center REIT Glimcher Realty Trust in a deal worth $4.3 billion.



Washington Prime Group, a Bethesda, Maryland-based REIT, and Glimcher will combine under a new name WP Glimcher, with headquarters remaining in the current Glimcher offices in Columbus, Ohio.



The newly combined company will remain publicly traded.



Glimcher boasts such notable properties as Scottsdale (Arizona) Quarter, Polaris Fashion Place in hometown Columbus, and Puente Hills Mall in City of Industry, California. The combined WP Glimcher will feature a total of 119 retail properties spanning 68 million sq. ft. of GLA.



Glimcher Realty CEO Michael Glimcher will remain CEO of WP Glimcher and serve as vice chairman. Washington Prime CEO Mark Ordan will become executive chairman of the combined company.



“We believe there is an immediate benefit to our shareholders and our associates when we consider the growth profile of the joint company,” Glimcher said in a statement. “Together we gain a competitive advantage with a premier balance sheet, a larger pool of assets and a proven platform to deliver results.”



Added Ordan: “This transaction with Glimcher checks every box, very early in our company’s trajectory.”



Washington Prime went public just three months prior.



Two Glimcher properties — The Outlet Collection Jersey Gardens, in Elizabeth, N.J., and University Park Village in Fort Worth, Texas — will be spun off to Simon Property Group for $1.09 billion.