Sunday, November 08, 01:46 AM

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Private equity firm Blackstone Group LP is taking a stake in two of Glimcher Realty Trust's malls, the Lloyd Center in Portland, Ore., and the WestShore Plaza in Tampa, Fla., by entering into a joint venture agreement valued at about $320 million.

Under terms of the venture, Blackstone would acquire a 60% stake in the properties, while Glimcher would maintain a 40% interest and continue to lease and manage the center. The gross value for the combined transaction is about $320 million, which includes $218 million in mortgage loans in place on the properties. At this value, Blackstone's 60% acquisition price would be about $192 million, including the assumption of $130.8 million in debt.



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