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FACTORY STORES OF AMERICA ACQUIRES 25 OUTLET CENTER PROPERTIES; COMPLETES PUBLIC OFFERING OF COMMON STOCK

 SMITHFIELD, N.C., June 9 /PRNewswire/ -- Factory Stores of America (NYSE: FAC), a real estate company that owns and manages factory outlet centers, recently announced that it has completed an initial public offering of 5,300,000 shares of common stock at $23 per share.
 Lead managing underwriter of the offering was Smith Barney, Harris Upham & Co. Inc. Co-managing underwriters were Prudential Securities Inc. and the Robinson-Humphrey Company Inc.
 Factory Stores of America, a real state investment trust based in Smithfield, N.C., has a portfolio of 25 factory outlet centers, totaling 2.4 million square feet of gross leasable area (GLA), in 15 states throughout the Southeast, Midwest and the Southwest. Twenty-one (21) of the properties previously operated as VF Factory Outlet Centers, and four (4) were Carolina Pottery Outlet Centers. Effective immediately, all 25 centers will become Factory Stores of America Outlet Centers.
 Factory Stores of America Outlet Centers feature numerous factory direct outlet stores owned and operated by major manufacturers of widely recognized, traditional name brand merchandise such as VF Corporation (Lee, Wrangler, Jantzen, Vanity Fair, Health-tex), Phillips Van Heusen Corporation (Van Heusen, Bass Shoes, Geoffrey Beene), U.S. Shoe Corporation (Easy Spirit, Capezio, Pappagallo), Sara Lee Corporation (L'Eggs, Hanes, Bali, Champion), Bugle Boy, London Town Corporation (London Fog) and Revlon (Prestige Fragrance).
 Copies of the prospectus relating to the offering may be obtained from Smith Barney, Harris Upham & Co. Inc., 110 Wall Street, New York, N.Y. 10005.
 -0- 6/9/93
 /CONTACT: Dixon Fleming of Factory Stores of America, 919-934-9446/
 (FAC)


CO: Factory Stores of America ST: North Carolina IN: REA SU: OFR TNM

MM -- CH006 -- 0329 06/09/93 17:29 EST
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Publication:PR Newswire
Date:Jun 9, 1993
Words:278
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