The Plymouth Meeting, PA-based REIT revealed its decision Friday afternoon, saying the company intends to use the net proceeds of roughly $31.3 million for acquisitions, debt reduction and other general corporate purposes.
NYSE-traded Kramont's common shares closing price on Thursday, the day before the sale announcement, was $14.40 per share. Kramont, which specializes in neighborhood and community shopping center acquisition, leasing, development and management, has interest in 88 properties with roughly 11.6 million sf of leaseable space in 16 states.
Cohen & Steers, founded in 1986, claims to be the first US investment advisor to focus solely on real estate securities. The firm concentrates exclusively on REITS.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
