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Weingarten Buying Spree Getting Boost From 4.5-Mil Share Sale

HOUSTON-Weingarten Realty is pushing full throttle in a buying spree being boosted from a 4.5-million common share sale. The money will go to pay down debt, rehab existing properties and fund more buys. Nineteen California shopping centers are under a $145.5-million contract.

By Jennifer Brenner Andrade | Updated on January 25, 2001

HOUSTON-Weingarten Realty Investors, a Houston-based REIT, has sold 4.5 million shares of common stock at slightly more than $42 per share. A portion of the proceeds will finance a buying spree; the most recent of which is a 19-shopping center portfolio in California.

The balance of the generated revenue will be applied to debt reduction and development or rehab of existing properties in the portfolio, according to the REIT. The stock will be transferred Monday. Merrill Lynch & Co. and Salomon Smith Barney have served as the sale’s book managers, with Legg Mason Wood Walker as co-manager.

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