Equity One also is claiming title as the fourth largest publicly traded shopping center REIT in Texas with the simultaneous closing on the acquisition of Houston-based United Investors Realty Trust.
The North Miami Beach-based REIT now claims ownership of 84 properties, mostly shopping centers, containing about 8.6 million sf of leaseable space.
Under terms of the Centrefund buyout agreement, the REIT offered shareholders in First Capital Corp., Centrefund's parent company, about 10.5 million shares of Equity One common stock. To accomplish that, Equity One increased its outstanding common shares by about 67% to 26 million from 15.5 million. In addition, Equity One assumed about $149 million in outstanding Centrefund debt.
Under terms of the UIRT deal, Equity One offered .643 shares of its stock in exchange for each share in UIRT. If they do not elect to receive Equity One stock, UIRT shareholders may tender each share in exchange for $5.71 in cash and .140 shares of Equity One common stock.
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