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WP Glimcher completes sale of two non-core malls for $30 million


Columbus, Ohio -- WP Glimcher has completed the sale of Forest Mall in Fond Du Lac, Wisconsin and Northlake Mall in Atlanta. The two non-core assets were sold to private real estate investors for $30 million.

WP Glimcher received approximately $10 million in cash at closing and provided $20 million in short-term seller financing. Secured by the two assets, the note bears interest at an annual rate of 6% and matures by year-end 2016 when factoring in available extensions. WP Glimcher will use proceeds from the transaction to reduce the balance outstanding on its credit facility.

“This transaction illustrates our commitment to delivering long-term value through active portfolio management,” stated Michael P. Glimcher, CEO of WP Glimcher. “While we are primarily focused on delivering growth across our core properties, we will continue to evaluate opportunities to enhance the overall quality of our platform through asset dispositions.”

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