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PHILADELPHIA-Locally based Pennsylvania Real Estate Investment Trust hasagreed to sell 5.5 million common shares in a public offering at $29.75 pershare. Net proceeds, after payment of an underwriting discount of 25 cents a shareand offering expenses, will be approximately $161 million.

The underwriters are Lehman Brothers and Citicorp Global Markets, Inc. Theywill receive fees as financial advisors in connection with the offering,which is expected to close on Thursday, August 21.

In addition, PREIT has granted an option to purchase up to 825,000 moreshares solely to cover over allotments. On Monday, August 18, the day of theannouncement, shares of PREIT, which are traded on the NYSE under PEI,closed at $30.40 per share. The 52-week high is $32.38 a share, and the 52-week low is$22.52.

Meanwhile, in unrelated news, the local office of Encino, CA-based Marcus &Millichap names Donald R. MacLaren senior investment associate. MacLarenjoined the firm in 2000 and is an apartment investment specialist serving asdirector of M&M’s national multihousing group, a division that focusesexclusively on apartment investment brokerage.

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