Urstadt Biddle Properties Closes Series K Preferred Stock Offering
Vinson & Elkins advised the underwriters in connection with Urstadt Biddle Properties Inc.’s underwritten public offering of 4,000,000 shares of its 5.875% Series K Cumulative Redeemable Preferred Stock, liquidation preference of $25.00 per share, for net proceeds of $96.85 million. The offering closed Oct. 1, 2019.
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 83 properties containing approximately 5.3 million square feet of space.
The V&E corporate team was led by partners Daniel LeBey and David Freed with assistance from senior associate Zach Swartz and associates Dylan Coons and Maram Mahajna. Partner Chris Mangin, senior associate Paige Anderson and associate Christina McLeod provided tax advice.