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Equity One Raises Nearly $88M in Stock Sale

NORTH MIAMI BEACH, FL-The company will use the proceeds to pay down debt and make acquisitions.

By Eric Kalis | Updated on March 16, 2010

(This story, in slightly different form, originally appeared in ALM’s Daily Business Review.)

NORTH MIAMI BEACH, FL-Locally based retail REIT Equity One Inc. has raised $87.6 million in a public stock sale. The company says it sold just over 4.8 million shares of common stock and will use proceeds of the offering to pay down outstanding mortgage debt, make acquisitions and for general corporate purposes.

Two affiliates of Equity One’s largest shareholder, MGN America LLC and Gazit America Inc., also bought 600,000 additional shares of common stock. Equity One received about $11 million from the sale.

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