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Cohen & Steers Buys Diversified Realty Stock for $33.2M

NEW YORK CITY-The Manhattan-based REIT investment manager acquires 1.7 million shares of common stock from Developers Diversified Realty Corp, a Cleveland-based realty trust.

By Glen Thompson | Updated on February 27, 2002

NEW YORK CITY-Cleveland based Developers Diversified Realty Corp. has agreed to sell 1.7 million shares of its common stock at $20.03 per share. The buyer is real estate financial services firm Cohen & Steers Capital Management Inc., based here, which will make the acquisition through its Quality Income Realty Fund.

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.

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