Cousins plans $150 million stock sale

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.

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