GE Unit Selling Regency Shares for $1.1B

NEW YORK CITY-Security Capital Group Inc., an indirect wholly-owned subsidiary of General Electric Capital Corp., entered into agreements to sell up to 34.3 million shares of Regency Centers common stock. The Jacksonville, FL-based Regency is the leading national owner, operator, and developer focused on grocery-anchored, neighborhood retail centers. Regency, which owns 261 retail properties totaling 29.6 million sf throughout the US, has total assets before depreciation exceeding $3 billion. Operating as a fully integrated real estate company, Regency is a qualified REIT that is self-administered and self-managed.

“It’s an excellent time to monetize our investments in an excellent company,” Dan Whitney of GE’s Real Estate Unit tells GlobeSt.com, adding that “the retail market is still very attractive to us.”

Security Capital has agreed to sell 18,596,832 shares of Regency common stock in an underwritten secondary offering. The shares are being sold to the public at $32.56 per share. The underwriters have a 30-day over-allotment option to purchase an additional 2,789,524 shares in connection with the offering.