The Plymouth Meeting, PA-based REIT revealed its decision Friday afternoon, saying the company intends to use the net proceeds of roughly $31.3 million for acquisitions, debt reduction and other general corporate purposes.
NYSE-traded Kramont's common shares closing price on Thursday, the day before the sale announcement, was $14.40 per share. Kramont, which specializes in neighborhood and community shopping center acquisition, leasing, development and management, has interest in 88 properties with roughly 11.6 million sf of leaseable space in 16 states.
Cohen & Steers, founded in 1986, claims to be the first US investment advisor to focus solely on real estate securities. The firm concentrates exclusively on REITS.
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