Asked today about the acquisition’s impact on the two Dayton-area malls, WP Glimcher spokeswoman Karen Bailey said, “We are very pleased with the momentum we have seen with leasing at both properties … . We do not anticipate any changes to our focus on leasing space at these centers and remain committed to bringing great new retail and restaurants to the Dayton market.”
Bailey added, “We have strong teams in place at both Dayton Mall and Mall at Fairfield Commons and are confident they will continue to provide great service to shoppers.”
The Mall at Fairfield Commons is in the midst of a demolition project that will pave the way for five restaurants. Bailey said the new merged company’s officials “are anxious to continue to move forward with the development project previously announced at the Mall at Fairfield Commons.”
Mark S. Ordan, executive chairman of WP Glimcher, said in a news release today that, “We are very pleased to have completed our acquisition of Glimcher so quickly, which will allow us to begin taking advantage of the strengths of the combined company, including a broad and diverse group of strong cash flowing assets and a strong platform in Columbus as a foundation for growth.”
Michael Glimcher said the merger “delivers immediate benefit to Glimcher shareholders and creates a combined company and team positioned to deliver enhanced shareholder value.”
Ordan said the company will focus on “joint ventures and possible asset sales, maintaining our investment grade rating, strengthening our asset base through development and redevelopment opportunities, and strategically acquiring new properties in both enclosed and open air large-format shopping centers that have a long term place in their markets.”
Under the terms of the merger agreement, Glimcher shareholders will receive, for each Glimcher share, $10.40 in cash and 0.1989 of a share in WPG common stock. In connection with the close of the sale, Simon Property Group, Inc. has also completed its acquisition of Jersey Gardens in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher, for $1.09 billion, including the assumption of existing mortgage debt.
WP Glimcher expects to issue fiscal year-end 2014 earnings in late February.
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