Citigroup is re-offering the stock to the public at $28.17 a share. Net proceeds, including the over-allotment, would exceed $251 million. Brandywine will use the proceeds to fund a portion of the estimated $600-million consideration in its pending acquisition of Philadelphia-based Rubenstein Co. and to repay outstanding indebtedness.
When completed, the Rubenstein acquisition will add 14 class A office properties aggregating 3.5 million sf to Brandywine's portfolio, which currently encompasses 279 office and industrial properties with an aggregate 20.3 million sf. Furthermore, all of the Rubenstein properties are in Brandywine's core market area, including Philadelphia, its surrounding suburbs, and neighboring Wilmington, DE. The acquisition is expected to close by the end of this quarter.
Brandywine trades as BDN on the NYSE. Just prior to noon on Thursday, Sept. 16, BDN shares were trading at $28.42 a share. The 52-week high, $30.82 a share, was reached on April 1 this year; the 52-week low of $23.52 a share, on May 10 this year.
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