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Heritage Property Investment Trust Raises $450M in IPO

BOSTON-Heritage Property Investment Trust Inc., a locally based REIT that specializes in shopping centers, raises $450 million in an initial public offering on the New York Stock Exchange with the shares closing at $25.05. The company owns three shopping centers in the state.

By Naomi Grossman | Updated on April 25, 2002

BOSTON-Heritage Property Investment Trust Inc., a locally based REIT that specializes in shopping centers, raised $450 million in an initial public offering on the New York Stock Exchange. According to a spokeswoman of NYSE, the shares closed at $25.05.

In its filing with the Securities and Exchange Commission, the company indicated that in the offering it would sell 12 million shares of common stock and Net Realty Holding Trust, its largest stockholder, would sell four million shares of common stock. Reportedly, the company ended up increasing the offering to 18 million shares. The filing also indicated that the company expected the public offering to go between $24.25 and $25.75 per share. “Currently,” the filing notes, “no public market exists for our common stock.”

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