PASADENA, Calif., Sept. 23 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced today that it is commencing an underwritten public offering of 3,000,000 shares of common stock. Barclays Capital, Credit Suisse and UBS Investment Bank are acting as joint bookrunning managers in connection with the public offering. Alexandria Real Estate Equities, Inc. expects to grant the underwriters a thirty-day option to purchase up to 450,000 additional shares to cover over-allotments, if any.
The Company intends to initially use the net proceeds from this offering to reduce the outstanding balance on its unsecured line of credit. The Company may then borrow from time to time under its unsecured line of credit to provide funds for general working capital and other corporate purposes, including the repayment of debt and selective redevelopment and development of existing or new life science properties including build-to-suit projects for what the Company believes are tenants with high credit ratings on land the Company owns or on land owned by major not-for-profit institutions or universities.
Alexandria Real Estate Equities, Inc., Landlord of Choice to the Life Science Industry(R), is the largest owner and pre-eminent first-in-class REIT focused principally on science-driven cluster formation. Alexandria is the leading provider of high-quality environmentally sustainable real estate, technical infrastructure, and services to the broad and diverse life science industry. Client tenants include institutional (universities and independent not-for-profit institutions), pharmaceutical, biopharmaceutical, medical device, product, service and translational entities, as well as government agencies. Alexandria's operating platform is based on the principle of "clustering," wit
|SOURCE Alexandria Real Estate Equities, Inc.|
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