September 16, 2014
Willkie serves as real estate counsel to WPG in connection with the transaction, which role includes advising WPG on Glimcher’s $1.09 billion simultaneous sale of two malls to Simon Property Group.
On September 16, it was announced that Willkie client Washington Prime Group Inc. and Glimcher Realty Trust entered into a definitive agreement under which WPG will acquire Glimcher in a stock and cash transaction valued at $14.20 per Glimcher common share. The total transaction value, including the assumption of debt, is approximately $4.3 billion.
Additionally, as part of the transaction, Simon Property Group, Inc. has entered into a definitive agreement under which Simon will acquire Jersey Gardens in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties currently owned by Glimcher, for an aggregate cash purchase price of $1.09 billion. Completion of the sale of these properties to Simon will occur concurrent with the closing of the acquisition of Glimcher by WPG.
Willkie is serving as real estate counsel for WPG in connection with the merger, which role includes advising WPG on the $1.09 billion acquisition of the two malls by Simon Property Group.
The new company will have a combined portfolio of 119 properties, comprising approximately 68 million square feet of gross leasable area. Upon completion of the merger, the combined company will be renamed WP Glimcher and will maintain Glimcher's headquarters in Columbus, Ohio.
Based in Bethesda, MD, WPG is a retail real estate investment trust (REIT) that owns and manages 96 shopping centers totaling more than 50 million square feet diversified by size, geography and tenancy. Glimcher, also a REIT, is a recognized leader in the ownership, management, acquisition and development of retail properties, including mixed use, open-air and enclosed regional malls as well as outlet centers.
The deal was handled by Eugene Pinover, David Drewes and Timothy DeKeyser.
