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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