Colonial Properties raises $109.8M in stock sale

Colonial Properties says it sold 12.1 million shares and raised net proceeds of $109.8 million

• On 4:29 pm EDT, Friday October 2, 2009

BIRMINGHAM, Ala. (AP) -- Colonial Properties Trust said Friday it sold a total of 12.1 million shares, and raised $109.8 million after deducting expenses.

The real estate investment trust sold 10.5 million shares to the public, and the underwriters of the offer exercised options to buy another 1.6 million shares. The deal is expected to close on Tuesday, and Colonial Properties said the funds will be used to pay back debt under its revolving credit facility, and for general corporate purposes.