Developers Diversified will use the $33.2 million in net cash proceeds from the offering to pare down the outstanding debt on its primary unsecured line of credit. The self-administered, self-managed REIT owns and manages approximately 230 shopping centers totaling 57 million sf in 41 states.
In a separate transaction, Cohen & Steers yesterday spent roughly $10 million to acquire 198,098 shares of Houston-based REIT Weingarten Realty Investors common stock for $50.48 per share. Weingarten will use proceeds from the sale to reduce outstanding credit debt.
Weingarten has a portfolio comprising 287 properties in 18 southern states. Its holdings include 228 neighborhood and community shopping centers, 57 industrial properties, one apartment complex and one office building for an aggregate of 35.7 million sf.
Manhattan-based Cohen & Steers lays claim to being the first US real estate advisor focused exclusively on real estate securities when it was founded in 1986. Today, it is said to be the largest REIT investment manager in the US.
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