GlobeSt.com UPDATE:Kimco Sells 1.8 Million Shares of Common Stock to UBS Securities

NEW HYDE PARK, NY-Hot on the heels of a large acquisition, Kimco Realty Corp. has entered into an agreement to sell 1.8 million shares of its common stock to UBS Securities LLC in a public offering expected to close on June 27. Kimco’s net proceeds from this offering, after deducting estimated offering expenses, will be approximately $66 million. The New Hyde Park, NY-based Kimco intends to use the net proceeds for general corporate purposes, which may include funding a portion of the capital required for its anticipated merger with Mid-Atlantic Realty Trust. Pending one or more such uses, the company will use the net proceeds to repay a portion of the outstanding balance on its revolving credit facility. The Company has granted UBS Securities an option to purchase up to an additional 270,000 shares of common stock to cover any over-allotments.

Last week, Kimco, which owns and operates the nation’s largest portfolio of neighborhood and community shopping centers, announced its intention to acquire all of the outstanding shares of Baltimore-based Mid-Atlantic Realty Trust for $444 million. Following the acquisition, Kimco will bring its total interests to 684 properties comprising approximately 98 million sf of leasable space. UBS Securities acted as financial advisor to Kimco in the transaction.