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Franklin Street Properties -6.1% after pricing secondary

Aug. 11, 2016 10:34 AM ETFranklin Street Properties Corp. (FSP) StockBy: Stephen Alpher, SA News Editor
  • The cost of equity capital is likely a little more expensive than hoped as Franklin Street Properties (NYSE:FSP) prices its 6.125M share secondary at $12.35 each for gross proceeds of $72.1M. The underwriters still have an option to buy another 918.75K shares at that price.
  • Proceeds will be used to fund the $45.5M purchase of Pershing Park Plaza in Atlanta, and for the $15M-$20M redevelopment of a Minneapolis property.
  • FSP -6.1% to $12.35

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