BIRMINGHAM, Mich., June 24 /PRNewswire/ -- Malan Realty Investors, Inc.
(NYSE: MAL), a self-administered real estate investment trust (REIT), today
announced it has completed the sale of 1.25 million shares of Common Stock at
$17.75 per share. Net proceeds to the Company after underwriting discounts
and commissions will total approximately $21 million.
Roney Capital Markets and First of Michigan Corporation are the managing
underwriters of the offering. The Company has granted the underwriters a 30-
day overallotment option to purchase up to 187,500 additional shares of Common
Stock.
The Company intends to use the net proceeds to pay off debt and for
general corporate purposes, which may include the redevelopment of certain
properties and the acquisitions of additional properties.
Malan Realty Investors, Inc. owns and operates a portfolio of 66
shopping centers, freestanding stores and entertainment facilities,
primarily in the Midwest. The properties represent approximately
6.1 million square feet of gross leasable area. The company currently has
5.1 million common shares outstanding.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any State in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws
of any such State.
Copies of the prospectus relating to the offering may be obtained
from Roney Capital Markets, 1 Griswold Street, Detroit, MI 48226,
313-963-6700; or First of Michigan Corporation, 300 River Place, Suite
4000, Detroit, MI 48207, 313-259-2600.
News releases for Malan Realty Investors are available through Company
News On-Call by fax at 800-758-5804, ext. 114165, or
http://www.prnewswire.com.
SOURCE Malan Realty Investors, Inc.
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CONTACT:
Michael K. Kaline, Vice President of Malan
Realty Investors, 248-644-7110; or Fred Nachman of Corporate
Technology Communications, Inc., 312-832-9300 x202, for Malan
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