Tags: blackstone | glimcher | mall | hawaii

Blackstone to Sell Mall Stake to Glimcher for $289 Million

Wednesday, 21 Mar 2012 06:31 PM

Glimcher Realty Trust agreed to buy the portion of a shopping mall in Honolulu that it doesn’t already own from affiliates of a Blackstone Group LP real estate fund for $289.4 million.

The purchase price for the 80 percent stake in the Pearlridge Center includes Blackstone’s share of $175 million in mortgage debt and $149.4 million in cash, Columbus, Ohio-based Glimcher said in a statement today. Glimcher plans to pay for the transaction with proceeds from a stock offering and money from a credit facility.

Investor demand for malls and shopping centers is rising as consumer spending increases. Pearlridge Center, the second- largest mall in Hawaii, was acquired in 2010 by a joint venture of affiliates of New York-based Blackstone and Glimcher, according to the statement. The property is more than 99 percent occupied.

“With sales of nearly $500 per square foot and a dynamic growth profile, this strategic investment is consistent with our goal of enhancing the quality of our real estate portfolio,” Michael Glimcher, the property company’s chairman and chief executive officer, said in the statement.

The deal, which is expected to be completed in the second quarter, was announced after the close of regular U.S. trading. Glimcher was unchanged at $10.21 Wednesday in New York. and has gained 16 percent in the past year. Blackstone rose 1 percent to $15.53 Wednesday. The shares have fallen 11 percent in the past year.

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
234
2012-31-21
Wednesday, 21 Mar 2012 06:31 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved