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COLONIAL PROPERTIES TRUST ANNOUNCES PUBLIC OFFERING OF 8.48 MILLION SHARES AT $23 PER SHARE

 BIRMINGHAM, Ala., Oct. 15 /PRNewswire/ -- Thomas H. Lowder, president and chief executive officer of Colonial Properties Trust, announced today the company's initial public offering of 8.48 million shares of its common stock at a price of $23 per share.
 The offering, which commenced on Sept. 23, was underwritten by a group of underwriters led by Lehman Brothers and included Bear, Stearns & Co., Inc., Merrill Lynch & Co., and The Robinson-Humphrey Co., Inc. Lowder also stated the company had granted the underwriters a 30-day option to purchase 1,272,000 additional shares for any over-allotments in connection with the offering. "We are very pleased with our reception in the market," added Lowder.
 Colonial Properties Trust succeeded to substantially all of the interests of Colonial Properties, Inc. (Colonial), its affiliates and certain others in a portfolio of 36 retail, multi-family and office properties located in Alabama, Florida and Georgia, and to the development, acquisition, management, leasing and brokerage businesses of Colonial. The company expects to qualify as a Real Estate Investment Trust. A copy of the prospectus may be obtained from the underwriters.
 Simultaneous with the public offering, the company joined the New York Stock Exchange as the 2,262nd company listed on the exchange. According to Lowder, the listing on the exchange will provide the company increased visibility and a highly liquid market for its common stock. The company's stock symbol on the exchange is CLP.
 -0- 10/15/93
 /CONTACT: Douglas B. Nunnelley of Colonial Properties Trust, 205-250-8800/
 (CLP)


CO: Colonial Properties Trust ST: Alabama IN: SU: OFR

BN-RA -- AT005 -- 2729 10/15/93 12:03 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
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