(This story, in slightly different form, originally appeared inALM's DailyBusiness Review.)

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NORTH MIAMI BEACH, FL-Locally based retail REIT Equity One Inc.has raised $87.6 million in a public stock sale. The company saysit sold just over 4.8 million shares of common stock and will useproceeds of the offering to pay down outstanding mortgage debt,make acquisitions and for general corporate purposes.

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Two affiliates of Equity One's largest shareholder, MGN AmericaLLC and Gazit America Inc., also bought 600,000 additional sharesof common stock. Equity One received about $11 million from thesale.

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Jeffrey Olson, CEO of Equity One, said recently that the companyis hunting for retail acquisitions and hopes to expand into majorUS markets such as Boston, Washington, San Francisco and LosAngeles. The stock sale came a week after Equity One reportedfourth-quarter funds from operations of $24.6 million, up from$14.4 million in same quarter of 2008.

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For all of 2009, FFO totaled $143 million, compared with $60.4million for 2008. Equity One owns or has interests in 168 shoppingcenters totaling 19 million square feet.

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