Urstadt Biddle Properties Inc. is raising $49 million in an offering of stock, with plans to use the money to pay down debt, improve existing buildings or shop for new real estate.
Greenwich-based Urstadt Biddle has more than 50 retail and office buildings in the tri-state area, totaling close to five million square feet of space. In the third quarter, the company reported a $4.2 million profit attributable to stockholders, as revenue rose 5 percent from a year earlier to $23.1 million.
Deutsche Bank Securities Inc. was the sole book-running manager for the offering.