Greenwich commercial landlord Urstadt Biddle Properties Inc. expects to gross at least $50 million from its latest public stock offering taking place this week.
The real estate investment trust priced its 2.5 million shares at $19.60 apiece to be sold on or around Friday, and gave underwriters a 30-day option to sell another 375,000 shares of its Class A common.
Net proceeds will retire some of Urstadt Biddle’s outstanding debt, fund day-to-day operations and buy more properties, authorities say.
Deutsche Bank Securities Inc. is sole book-running manager for the offering of Class A common.