The REIT has also given Bank of America Securities an option to buy an additional 525,000 shares of its common stock solely to cover over-allotments, if any. According to a written statement issued by company officials, Chelsea "intends to use the net proceeds from the offering for the repayment of debt and general corporate purposes."
The company has been active in the acquisition market recently, most notably with a deal that brought four outlet shopping centers owned by New Plan Excel Realty Trust into its portfolio. Chelsea paid New Plan $193 million for the properties, which total more than 1.3 million sf and are located in New Jersey, Florida and Missouri.
Chelsea Property Group currently owns or has interests in a total of 54 outlet malls, most carrying its Premium Outlet brand, as well as other shopping center properties. The assets total 12.5 million sf and are located in 28 states and Japan.
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