Urban Edge Properties Closes $193 Million Underwritten Public Offering of Common Shares of Beneficial InterestMay 10, 2017
S&C client Urban Edge Properties closed an underwritten public offering of 7,700,000 common shares of beneficial interest for net proceeds of approximately $193 million.
Urban Edge contributed the net proceeds of the offering to its operating partnership, Urban Edge Properties LP, in exchange for its common partnership units. The operating partnership intends to use the proceeds to fund future acquisitions, development and redevelopment projects, as well as for general corporate purposes.
Urban Edge Properties is a NYSE-listed real estate investment trust based in New York that focuses on managing, acquiring, developing and redeveloping retail real estate in urban communities, primarily in the New York metropolitan region. As of May 4, Urban Edge Properties owns 86 properties totaling 15.2 million square feet of gross leasable area.
The S&C corporate team included William Farrar, Robert Downes, So Yeon Kim and Soobin Kim. The S&C tax team included Davis Wang and Alexander Apostolopoulos.