FORT WASHINGTON, Pa, Dec. 18 /PRNewswire/ -- Pennsylvania Real Estate
Investment Trust (NYSE: PEI) announced today that the Company sold 4,000,000
shares of beneficial interest at a price of $22.38 per share. The sale, which
was managed through a group of underwriters led by Lehman Brothers, raised
$84.1 million for the company after fees. Under the terms of the offering,
the underwriters have a 30-day option to purchase up to 600,000 additional
shares solely to cover over-allotments. Delivery is scheduled for
December 23, 1997.
A copy of the prospectus relating to the offering may be obtained from
Lehman Brothers, Three World Financial Center, New York, NY 10285.
This press release shall not constitute an offer to sell or the
solicitation of any offer to buy the securities described above, 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.
Pennsylvania Real Estate Investment Trust is a real estate investment
trust which acquires, develops, redevelops and operates retail and multi-
family properties.
SOURCE Pennsylvania Real Estate Investment Trust
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CONTACT:
Jonathan B. Weller, President & COO of
Pennsylvania Real Estate Investment Trust, 215-542-9250; or Julie
Gottlieb, general info, 212-661-8030, or Claire Koeneman,
analysts, 312-266-7800, or Judith Sylk-Siegel, media,
212-661-8030, all of The Financial Relations Board for
Pennsylvania Real Estate Investment Trust
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