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 MCLEAN, Va., Oct. 28 /PRNewswire/ -- McArthur/Glen Realty, Corp., holding ownership interests in manufacturer outlet shopping centers located throughout the United States, today announced that it successfully completed an initial public stock offering of 11.11 million shares initially priced at $21.50 per share. Shares closed on Wednesday, Oct. 20, at $25-7/8 and the complete stock offering is expected to raise $239 million.
 "The McArthur/Glen offering was one of the most successful REIT initial public offerings completed in 1993 and generated significant and broad interest from institutional and retail investors," according to a spokesperson from Dean Witter Reynolds, Inc., one of the co-managers of the offering.
 The company intends to significantly expand the manufacturer outlet shopping center business developed by the McArthur/Glen Group, Inc., which was created in 1986. In just seven years, McArthur/Glen, led by developers Cheryl McArthur and Alan Glen, developed the best overall performing portfolio in the outlet center industry. Last year, Inc. Magazine ranked the McArthur/Glen Group 28th on their list of fastest growing private companies in the United States with revenue rising from $25 million in 1991 to $36 million in 1992.
 At the time of filing with the Securities and Exchange Commission in July, the company owned 15 centers in 13 states totaling approximately 2.4 million square feet of leasable area. By the end of 1993, with openings of two new centers and two expansions of existing centers, the company will operate a total of 19 centers in 16 states totaling more than 3,181,161 million square feet. The plan in 1994 is to continue expansion as in 1993, opening approximately 1 million additional square feet. The centers feature a diversified mix of nationally recognized manufacturers and upscale designer and brand name merchandise.
 Proceeds from the offering will be used to repay a significant portion of the company's outstanding debt and to fund the continued expansion and development of the company's real estate portfolio. The company's prospectus states that quarterly distributions will be made beginning in the amount of $1.45 per share per year. The first distribution is expected for the quarter ending Dec. 31, 1993.
 Principal underwriters for the transaction were J.P. Morgan Securities, Inc., A.G. Edwards & Sons, Inc. and Dean Witter Reynolds, Inc.
 McArthur/Glen operates centers in Williamsburg, Va., Silverthorne, Colo.; Queenstown, Md.; Hillsboro, Texas; Medford, Minn.; Dry Ridge, Ky.; Patchogue, N.Y.; Jeffersonville, Ohio; Kenosha, Wis.; Burlington, Wash.; Gilroy, Calif.; Birch Run, Mich.; Perryville, Md.; Lake Elsinore, Calif.; Conroe, Texas; Calhoun, Ga.; Warrenton, Mo.; Budaghers, N.M.; and Waipahu, Hawaii.
 Corporate headquarters for McArthur/Glen Realty, Corp. are located at 8400 Westpark Drive in McLean.
 -0- 10/28/93
 /CONTACT: Lisa Quier, vice president, marketing, of McArthur/Glen Realty, Corp., 703-556-6444, or Julie Rosenthal, public relations director, of Arnold Public Relations, 703-790-4851, for McArthur/Glen Realty/

CO: McArthur/Glen Realty, Corp. ST: Virginia IN: CST SU: OFR

IH-DC -- DC018 -- 7962 10/28/93 13:16 EDT
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Publication:PR Newswire
Date:Oct 28, 1993

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