Greenwich commercial landlord Urstadt Biddle Properties Inc. says it expects to gross at least some $109 million from up its pending public offer of 4.5 million shares of preferred.
The offering is set to close next Wednesday, with shares of the real estate investment trust’s series F preferred priced at $25 each.
Urstadt Biddle has earmarked another 675,000 shares to cover over-allotments, if any, which could gross $16.9 million more for the company.
Both gross amounts are before the deduction of offering fees and expenses.
On Tuesday, Urstadt initially proposed to sell three million shares, but Wall Street demand for shares was so overwhelming, it opted to increase the offering to 4.5 million shares, Chief Financial Officer John T. Hayes said Thursday.
The company has said previously net proceeds may be used to buy more properties, to redeem or repurchase all or some of its three other classes of preferred, and to pay down debt.
BMO Capital Markets Corp. is the sole book-running manager for the offering.
