Cousin Properties Incorporated announced that it initiated an underwritten public offering of 60 million shares of the company's common stock to finance its recent acquisitions. The underwriters of the deal were given a 30-day option to buy up to 9 million additional shares.
Atlanta, Georgia-based Cousin Properties Incorporated is a fully integrated, self-managed real estate investment trust (REIT) that mainly invests in top-grade office towers in high growth Sunbelt markets. The investment firm has concentrated its projects in Georgia, North Carolina and Texas locations.
Proceeds gained from the UPO will help Cousin Properties fund a sizeable portion of the purchase price of its pending acquisitions which currently values approximately US$1.1 billion. This portfolio includes a 5.3 million square foot Texas office portfolio comprised of a 10-building office complex in Houston, Texas, Greenway Plaza and 777 Main Street, a Fort Worth-based Class A office tower.
J.P. Morgan and BofA Merrill Lynch were hired by the company to act as joint-bookrunning managers for the proposed offering.
Join the Conversation