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Urban Shopping Centers Completes $75 Million Common Stock Offering

CHICAGO, Nov. 25 /PRNewswire/ -- Urban Shopping Centers, Inc., (NYSE: URB), today announced that its offering of three million shares of the company's common stock has been completed under a shelf registration statement declared effective by the SEC in April 1996. The shares were sold through Lehman Brothers who has a 30-day overallotment option to purchase an additional 300,000 shares.

The net proceeds of the offering to Urban, after underwriter's discount, will be $75,000,000 before giving effect to the exercise of the overallotment option. The net proceeds after deducting transaction costs, which are expected to be minimal, will be used to fund a portion of the recently announced acquisition of Old Orchard Shopping Center. The purchase of Old Orchard, a 1.7 million square foot regional shopping center, located in suburban Chicago is expected to be completed by year-end.

According to Matthew S. Dominski, President and Chief Executive Officer, "Urban's shelf registration has enabled us to take advantage of favorable market conditions to raise additional equity capital at an attractive price. This allows us to fund a portion of the Old Orchard acquisition and maintain a strong debt-to-total market capitalization ratio as well as provide us with financial flexibility."

Urban Shopping Centers, Inc., a self-administered real estate investment trust (REIT), is in the business of owning, acquiring, managing, leasing, developing and redeveloping superregional and regional malls. In 1995, it opened the highly successful Brandon TownCenter in Tampa, FL, and is scheduled to open a new mall in Memphis, TN, Wolfchase Galleria, on February 26, 1997. Urban owns interests in some of the premier shopping centers in the United States, including Water Tower Place (Chicago, IL), Oakbrook Center (Oak Brook, IL), and MainPlace (Santa Ana, CA), as well as in Urban Retail Properties Co., its property management leasing and development affiliate. Urban Retail Properties Co. is one of the nation's largest retail property managers, managing approximately 55 million square feet of space in 27 states and the District of Columbia.

SOURCE Urban Shopping Centers, Inc.
 -0- 11/25/96

/NOTE TO EDITORS: To receive Urban Shopping Center's latest news release and other corporate documents, free of charge via fax, simply dial 1-800-PRO-INFO. Use company code 026./

/CONTACT: Adam Metz, Chief Financial Officer, of Urban Shopping Centers, Inc., 312-915-3568/

(URB) CO: Urban Shopping Centers, Inc. ST: Illinois IN: FIN SU: OFR

CS-JS -- CLM008 -- 3488 11/25/96 08:31 EST
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Publication:PR Newswire
Date:Nov 25, 1996
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