The Associated Press September 7, 2011, 11:55AM ET

DDR, Glimcher Realty planning an asset swap

Shopping center companies Developers Diversified Realty Corp. and Glimcher Realty Trust are planning an asset swap in order to better align properties.

DDR will sell Glimcher its Town Center Plaza mall located in Kansas City, Kan., for about $139 million. Glimcher will sell DDR its Polaris Towne Center shopping complex in Columbus, Ohio for approximately $80 million.

Glimcher Chairman and CEO Michael Glimcher said in a statement that the deal should add to the company's earnings.

The transaction is expected to close in the fourth quarter.

Shares of Glimcher climbed 30 cents, or 3.7 percent, to $8.44 in midday trading on Wednesday. DDR's stock added 23 cents, or 2 percent, to $11.65.

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