The Macerich Co. is conducting a public offering of 30 million shares of common stock at $41.00 per share. The offering will raise more than $1.2 billion in equity for the company.
In connection with the offering, the company also has granted the underwriters a 30-day option to purchase up to an additional 4,500,000 shares of common stock solely to cover over-allotments, if any. The closing of the offering is expected to occur on April 20, subject to the satisfaction of customary closing conditions.
The company intends to use the net proceeds of the offering to repay indebtedness and/or for general corporate purposes.
Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. and Wells Fargo Securities LLC acted as joint book-running managers and underwriters for the offering.
Equity One Completes Tender Offer for DIM Vastgoed
Equity One Inc. acquired approximately 1.7 million ordinary shares of DIM Vastgoed N.V. in its recently completed public bid. These shares, together with the shares it previously owned or controlled, give Equity One a 95.5 percent stake in DIM.
DIM, a Dutch investment fund, the ordinary shares of which are listed on NYSE Euronext, owns 21 shopping centers consisting of approximately 2.6 million square feet of GLA mostly in the southeastern United States. In January 2009, Equity One acquired a 74.6 percent interest in DIM and has consolidated the results of DIM with its results since that time. As of December 31, 2009, DIM’s properties were 92.1 percent leased.
In connection with its public bid, Equity One disclosed its intention to terminate DIM’s listing on the NYSE Euronext and initiate statutory squeeze-out provisions if it successfully acquired more than 95 percent in the public bid. These measures will eliminate the administrative expenses incurred by Equity One to maintain DIM’s public listing.
In a separate deal, Equity One, acquired the 44,888-square-foot Veranda Shoppes in Plantation, Fla., for an undisclosed price.
Agree Realty Prices Public Offering
Agree Realty Corp. priced a public offering of 1.3 million shares of its common stock at $22.00 per share.
The offering closed last week. Gross proceeds from the offering were approximately $28.6 million. Agree Realty expects to use the net proceeds of the offering to repay a portion of the outstanding indebtedness under its $55 million credit facility and/or its $5 million line of credit, to fund development activity and for other general corporate purposes.
Agree Realty also granted the underwriter a 30-day option to purchase up to an additional 195,000 shares of common stock to cover over-allotments, if any. Raymond James & Associates Inc. is the sole manager for the offering.
RCG Acquires Two Centers
RCG Ventures purchased two shopping centers totaling approximately 300,000 square feet.
The company acquired the 180,000-square-foot Louetta Central shopping center in Houston for an undisclosed price. It is anchored by Kohl’s, Michael’s and Ross Dress for Less. The undisclosed seller was represented by George Cushing and Wendy Vandeventer of Grubb & Ellis. RCG was represented in-house.
The firm also acquired the 95,000-square-foot Tiffany Square shopping center in Rocky Mount, N.C., for an undisclosed price. The property is anchored by Ollie’s Bargain Outlet and K&W Cafeterias.