GE Capital To Sell $1.2 Billion Stake in Regency Centers
Jun 12, 2003 12:00 PM, Brannon Boswell
Security Capital Group, a unit of GE Capital, is taking advantage of high retail REIT stock prices and unloading its 55 percent stake in Jacksonville, Fla.-based Regency Centers. Prudential Financial pegs the 34.3 million-share offering at $1.2 billion. Security Capital had previously announced plans to sell only 4.7 million of its shares.
Regency Centers management says it plans to buy as much as $150 million worth of Security Capital's stock, accelerating disposition activity to balance the transaction. The REIT's 29.6 million-square-foot portfolio is 95 percent occupied.
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