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CHICAGO-First Industrial Realty Trust hopes to raise $47 million by selling an additional 1.25 million shares later this week. The common stock offering is in addition to the sale of preferred stock and other long-term debt, which is expected to generate another $200 million.

The industrial REIT, which has filed a prospectus with the Securities and Exchange Commission and hired Credit Suisse First Boston as underwriter for the stock offering, plans to uses the proceeds to pay down its credit line that it has tapped for acquisitions and development projects. The company's unsecured line of credit stood at $380.5 million entering the fourth quarter, according to First Industrial Realty Trust's most recent earnings report. Interest on that debt has averaged 4.31%. The offering will increase the company's total of outstanding common shares to more than 51 million.

Likewise, the preferred stock sale also will help First Industrial Realty Trust pay down its credit line.