Glimcher to sell 44 buildings for $300 mln

Glimcher Realty Trust GRT.N , a real estate investment trust, said on Thursday it has entered into a contract to sell 44 buildings for a net price of $300 million.

Columbus, Ohio-based Glimcher said the single-tenant and community center properties involved in the sale are dispersed throughout the Midwest and Southwest, and contain about 6.4 million square feet of gross leasable area.

It said the sale to a private buyer is scheduled to close by Aug. 31.

'The sale of this portfolio of assets is consistent with our strategy of reducing leverage and redeploying capital into the regional mall portfolio,' said the companyÂ's President Michael Glimcher.

(source: Reuters)

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