X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Security Capital Group Inc., an indirect wholly-owned subsidiary of General Electric Capital Corp., entered into agreements to sell up to 34.3 million shares of Regency Centers common stock. The Jacksonville, FL-based Regency is the leading national owner, operator, and developer focused on grocery-anchored, neighborhood retail centers. Regency, which owns 261 retail properties totaling 29.6 million sf throughout the US, has total assets before depreciation exceeding $3 billion. Operating as a fully integrated real estate company, Regency is a qualified REIT that is self-administered and self-managed.

“It’s an excellent time to monetize our investments in an excellent company,” Dan Whitney of GE’s Real Estate Unit tells GlobeSt.com, adding that “the retail market is still very attractive to us.”

Security Capital has agreed to sell 18,596,832 shares of Regency common stock in an underwritten secondary offering. The shares are being sold to the public at $32.56 per share. The underwriters have a 30-day over-allotment option to purchase an additional 2,789,524 shares in connection with the offering.

Security has also entered into private sale agreements with certain underwriters for 7.2 million shares of Regency common stock in connection with the concurrent offering by Citigroup Global Markets Holdings Inc. of SynDECSSM linked to shares of Regency common stock. The underwriters have a 30-day over-allotment option to purchase an additional 1,080,000 shares in connection with the SynDECSSM offering.

In connection with these transactions, Regency will purchase 4,606,880 shares from Security Capital at the public offering price of $32.56 per share.

If the underwriters exercise the over-allotment options in full, Security will have sold or entered into private contracts to sell 34,273,236 shares, representing all of its holdings in Regency.

Citigroup Global Markets and Merrill Lynch & Co. acted as joint book runners and J.P. Morgan Securities Inc., UBS Securities LLC, and Wachovia Securities LLC acted as co-managers in the underwritten common stock offering. Citigroup Global Markets acted as sole book runner on the SynDECSSM offering, with Merrill Lynch & Co. acting as a joint lead manager.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.