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SAN FRANCISCO-Locally based Digital Realty Trust Inc. said Monday it plans to sell 8 million shares of its common stock. The total could reach 1.2 million if underwriters exercise all of their over-allotment options.

Proceeds from the sale of half of the shares will be used to pay for an equal number of limited partner units delivered by Global Innovation Partners for redemption. The remaining net proceeds will be used to temporarily reduce borrowings under the company's unsecured credit facility.

"The company is actively pursuing multiple opportunities for potential acquisitions, with due diligence and negotiations at different stages of advancement," company executives said in a prepared statement. "The company intends to re-borrow amounts under its revolving credit facility from time to time to fund acquisitions and redevelopments."

Merrill Lynch & Co. and Citigroup Corporate and Investment Banking will serve as joint book-running managers for the offering. Digital Realty's share price stood at $30.30 in afternoon trading Monday, off $0.49 on the day.

Digital Realty owns 10.3 million sf of data center and Internet gateway properties. In July, acquired two data centers and an Internet gateway facility for $236.9 million and sold another for $60.4 million.

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