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Washington Prime Group Sells $340M Stake in 6 Mall Properties

Washington Prime Group, formerly known as WP Glimcher Inc., says proceeds will be used to reduce outstanding debt and for general corporate purposes.

Washington Prime Group Inc., facing headwinds in mall-based retailing, has sold a stake in six mall properties for $340 million to reduce its leverage.

The Columbus real estate investment trust sold a 49 percent interest in the properties to O’Connor Capital Partners, the same firm that in 2015 acquired a stake in the Polaris Fashion Place mall in Columbus.

Washington Prime Group (NYSE:WPG), formerly known as WP Glimcher Inc., says proceeds will be used to reduce outstanding debt and for general corporate purposes.

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