Real estate investment trust Cousins Properties said Monday the company plans to sell stock to help fund its purchase of an office building in Austin, Texas.
Atlanta-based Cousins said proceeds from the stock sale, valued at about $150 million based on Monday’s closing price of $10.70 per share, will also be used to redeem certain preferred shares of the company’s stock.
Cousins said in a news release it is currently under contract for a Class-A office building in Austin, with a closing scheduled for later this month.
The deal follows one announced in February in which Cousins would take possession in a joint venture the two office towers in its Terminus development in Buckhead. Cousins also announced at the time its plans to acquire an office complex in Houston.
