NEW YORK--(BUSINESS WIRE)--Urban Edge Properties (NYSE:UE) today announced that it has entered into a definitive agreement to sell 6,250,000 common shares to Cohen & Steers Capital Management, Inc. for gross proceeds of $155 million. Settlement is expected to occur on or about August 9, 2017.
The Company intends to use the net 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.