1st Washington to add 6 shopping centers

MARYLAND WATCH

November 05, 1996

First Washington Realty Trust Inc. intends to spend $53 million to purchase six shopping centers in four states with the proceeds of a 1.7 million-share stock offering, according to documents filed with the Securities and Exchange Commission.

The acquisitions would boost the Bethesda-based real estate investment trust's portfolio of retail properties by 18 percent, adding 626,000 square feet to the 3.4 million square feet the company now owns in 33 properties. First Washington hopes to complete the acquisitions within three months.

First Washington filed the registration statement Friday on the sale of the additional shares. The company expects to raise $37 million from the sale. The shares are being underwritten by an investment team led by Alex. Brown & Sons Inc.

With the offering, First Washington's total market capitalization -- defined as equity plus debt -- is expected to rise above $400 million.

The neighborhood shopping centers are located in Philadelphia; Wilmington, Del.; Burke, Va.; and Fredericksburg, Va. The only Maryland property is the Northway Shopping Center, a 91,000-square-foot center in Millersville.

Pub Date: 11/05/96

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