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Equity One Closes on $7 Mil Stock Sale

NORTH MIAMI BEACH, FL-Alony-Hetz Properties & Investments Ltd. exercises warrants to purchase 650,000 shares in the locally based real estate investment trust at a price of about $10.88 a share.

By David R. Corder | Updated on September 17, 2001

NORTH MIAMI BEACH, FL-In a deal valued at about $7.1 million, Equity One Inc. has closed on the sale of 650,000 shares of its publicly traded common stock to Alony-Hetz Properties & Investments Ltd.

Proceeds from the sale will be used for general corporate purposes and to offset some of the costs associated with Equity One’s pending acquisition and merger with Houston-based United Investors Realty Trust.

The North Miami Beach-based real estate investment trust originally announced in early August that the Ramat Gan, Israel-based real estate investment group intended to acquire about 1.3 million shares for a total value of about $14.1 million.

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