Greenwich commercial landlord Urstadt Biddle Properties Inc. continues to build a war chest for realty deals, this time offering 3 million shares of its preferred on the open market.
The equity realty investment trust announced Tuesday its base offering of the series F preferred, plus a 450,000-over allotment option to its underwriters. Net proceeds also may be used to redeem or repurchase all or some of its three other classes of preferred and to pay down debt, the company said.
BMO Capital Markets Corp. is the sole book-running manager for the offering which has yet to be priced.
In late morning trading Tuesday, its common shares were up 4 cents at $19.29.
Earlier this month, the landlord grossed more than $50 million from its offering of 2.5 million common shares.
In September, Urstadt Biddle re-signed a credit line with lenders for up to $125 million with which to finance realty purchases.
