This is should mark the end of GRT's inability to finance projects. Look for the stock to shoot tomorrow [? $6.00 ].

COLUMBUS, Ohio, Nov. 5 /PRNewswire-FirstCall/ -- The Blackstone Group(® )and Glimcher Realty Trust (NYSE: GRT - News), today announced a partnership for the acquisition and management of two regional malls.

The assets for the joint venture will consist of two existing Glimcher mall properties: Lloyd Center in Portland, Oregon and WestShore Plaza in Tampa, Florida. The gross value for the combined transaction is approximately $320 million which would include assumption of the approximately $218 million in mortgage loans currently in place on the properties. The transaction is expected to generate net proceeds of approximately $60 million to Glimcher after considering debt assumption and typical closing costs. These proceeds will be used to reduce amounts outstanding under Glimcher's credit facility.

The joint venture will acquire the entities that own these two properties. An affiliate of Blackstone will acquire 60% of the joint venture and Glimcher will retain the remaining 40% interest. The transaction requires a $6.3 million security deposit, which is non-refundable provided the consent of existing first mortgage lenders is obtained and customary tenant estoppels are received. The transaction is anticipated to close in December of 2009. In connection with the transaction, Glimcher Properties Limited Partnership ("GPLP") has made customary representations and warranties. GPLP will continue to manage the operation of these two properties.