Nov 5 (Reuters) - Glimcher Realty Trust:
* The Blackstone Group and Glimcher to form joint venture
* Says assets for the joint venture will consist of two existing Glimcher mall
properties
* Says joint venture to acquire Lloyd Center and Westshore Plaza
* Says gross value for the combined transaction is approximately $320 million
* Says transaction requires a $6.3 million security deposit, which is
non-refundable
* Says transaction is anticipated to close in December of 2009
* Says Blackstone will acquire 60% of the joint venture and Glimcher will
retain the remaining 40% interest
* Says transaction is expected to generate net proceeds of approximately $60
million to Glimcher
* Says proceeds will be used to reduce amounts outstanding under Glimcher's
credit facility
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* The Blackstone Group and Glimcher to form joint venture
* Says assets for the joint venture will consist of two existing Glimcher mall
properties
* Says joint venture to acquire Lloyd Center and Westshore Plaza
* Says gross value for the combined transaction is approximately $320 million
* Says transaction requires a $6.3 million security deposit, which is
non-refundable
* Says transaction is anticipated to close in December of 2009
* Says Blackstone will acquire 60% of the joint venture and Glimcher will
retain the remaining 40% interest
* Says transaction is expected to generate net proceeds of approximately $60
million to Glimcher
* Says proceeds will be used to reduce amounts outstanding under Glimcher's
credit facility
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.