Urban Edge Properties has stated that the trust has started an underwritten public offering of 7.7 million common shares of beneficial interest pursuant to the company’s effective shelf registration statement previously filed on Form S-3 with the Securities and Exchange Commission. Urban Edge has granted Morgan Stanley, acting as the sole bookrunner of the offering, a thirty-day option to purchase up to 1,155,000 additional shares. The Company intends to use the net proceeds of this offering to fund acquisitions, development and redevelopment projects, as well as for general corporate purposes. Urban Edge Properties is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the New York metropolitan region. It owns 86 properties totaling 15.2 million square feet of gross leasable area.
