Federal Realty to Sell 2M Common Shares for $49M

ROCKVILLE, MD-Federal Realty Investment Trust has revealed it will sell 1.9 million common shares of beneficial interest to Wachovia Securities, which is expected to re-offer the shares to the public. The real estate firm anticipates it will receive $49 million in net proceeds from the sale of the shares. June 12 is the closing date for the offering.

“We’re looking to deploy proceeds into redevelopments, a couple are underway right now,” Federal Realty spokesman Andrew Blocher tells GlobeSt.com. The two aforementioned properties are the Crest at Congressional Plaza 146-unit apartment community and the streetscape retail development Bethesda Row, where the company is in the fifth phase of construction.