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Nov 5 (Reuters) - Glimcher Realty Trust: * The Blackstone Group and Glimcher to form joint venture * Says assets for the joint venture will consist of two existing Glimcher mall properties * Says joint venture to acquire Lloyd Center and Westshore Plaza * Says gross value for the combined transaction is approximately $320 million * Says transaction requires a $6.3 million security deposit, which is non-refundable * Says transaction is anticipated to close in December of 2009 * Says Blackstone will acquire 60% of the joint venture and Glimcher will retain the remaining 40% interest * Says transaction is expected to generate net proceeds of approximately $60 million to Glimcher * Says proceeds will be used to reduce amounts outstanding under Glimcher's credit facility ((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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