Developers Diversified Realty Corp. (NYSEDR) and Glimcher Realty Trust (NYSE:GRT) announced that the companies have entered into an agreement to swap two assets better aligned with the other's operating platforms and strategies. DDR will sell Glimcher its open-air mall, Town Center Plaza, in Kansas City, Kansas; and Glimcher will sell DDR its power center, Polaris Towne Center, in Columbus, Ohio. The transaction is expected to close in the fourth quarter of 2011, subject to the satisfaction or waiver of customary closing conditions.

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