Storage Equities to Place Preferred Stock on Market
Storage Equities Inc., a Glendale-based real estate investment trust, plans to offer 1.4 million shares of series B cumulative preferred stock. The trust’s common stock is already publicly held.
Proceeds from the offering, which is being managed by PaineWebber Inc., are estimated at $35 million and will be used to repay debt and for purchasing real estate, according to Storage Equities’ filing with the Securities and Exchange Commission.
The trust mainly invests in self-storage warehouses that are operated as part of the Public Storage system.
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