NEW YORK--(BUSINESS WIRE)--Urban Edge Properties (NYSE:UE) has entered into a definitive agreement to sell 6,250,000 common shares to Cohen & Steers Capital Management, Inc. at a net price of $24.80 per share. The issuance will be a direct sale with no underwriter or placement agent such that net proceeds to the Company will be $155 million. Settlement is expected to occur on or about August 9, 2017.
The Company intends to use the proceeds of this offering to fund development and redevelopment projects, future acquisitions, as well as for general corporate purposes.
ABOUT URBAN EDGE PROPERTIES
Urban Edge Properties is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the New York metropolitan region. Urban Edge owns 90 properties totaling 16.6 million square feet of gross leasable area.