WORLD PROPERTY CHANNEL ®

Michael Glimcher

Columbus, OH-based Glimcher Realty Trust (NYSE: GRT) today closed on its previously discussed joint venture with The Blackstone Group for the acquisition and management of two regional malls -- Lloyd Center in Portland, OR and West Shore Plaza in Tampa, FL.

The gross value for the combined transaction is about $320 million and includes assumption of the $215 million in mortgage loans currently in place on the properties.

An affiliate of Blackstone will acquire 60% of the joint venture and an affiliate of Glimcher will retain the remaining 40% interest.

The transaction generated net proceeds of about $60 million to Glimcher after considering debt assumption fees and ordinary closing costs.

These proceeds were applied against outstanding borrowings under Glimcher's credit facility.

The current outstanding balance on the credit facility has been reduced to about  $232 million. Glimcher Properties Limited Partnership will continue to manage the operation of Lloyd Center and West Shore Plaza.

"We are excited about our new relationship with Blackstone, a highly-respected and strategic investor, which furthers our goal of raising additional capital now while positioning our mall platform for future potential growth as the economy recovers," Michael P. Glimcher, Chairman of the Board and CEO of Glimcher, says in a prepared statement.

Glimcher Realty Trust's common shares are listed on the New York Stock Exchange under the symbol "GRT." Glimcher Realty Trust's Series F and Series G preferred shares are listed on the New York Stock Exchange under the symbols "GRT-F" and "GRT-G," respectively.

Glimcher Realty Trust is a component of both the Russell 2000® Index, representing small cap stocks, and the Russell 3000® Index, representing the broader market. Glimcher® is a registered trademark of Glimcher Realty Trust. 

---