BRE Properties, Inc. (NYSE:BRE) has announced a common stock offering of 5,000,000 of the company’s shares. The underwriters of the offering have been granted a 30 day option for the purchase of an additional 750,000 shares to cover any over-allotments, if any. The joint book-running managers of the offering are BofA Merrill Lynch, and Wells Fargo Securities. The net proceeds of the offering will be used for general corporate purposes, such as the reduction of borrowing under the company’s secured revolving credit facility. They will also be used to finance the acquisition of rental properties, in addition to funding development activity.
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BRE Properties, Inc. (BRE) is a self-administered equity real estate investment trust (REIT), focused on the development, acquisition and management of multifamily apartment communities in six metropolitan markets of the Western United States. During the year ended December 31, 2009, its multifamily portfolio had real estate assets included 73 wholly owned stabilized multifamily communities, aggregating 21,245 units in California, Washington and Arizona; 13 stabilized multifamily communities owned through joint ventures comprised of 4,080 apartment units, and six apartment communities in various stages of construction and development. During 2009, BRE sold two communities totaling 752 units: Overlook at Blue Ravine, with 512 units located in Folsom, California; and Arbor Pointe, a 240 unit property located in Sacramento, California.
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