Milbank's Global Securities Group represented Wells Fargo Securities, BofA Merrill Lynch, J.P. Morgan...
NEW YORK, May 16, 2011 – Milbank's Global Securities Group represented Wells Fargo Securities, BofA Merrill Lynch, J.P. Morgan and a syndicate of ten other underwriters in connection with the registered public offering by BRE Properties, Inc. ("BRE") of 9,200,000 shares of its common stock at a price of $48.00 per share. The offering was one of the largest by a property REIT this year. BRE is a real estate investment trust ("REIT") focused on the development, acquisition and management of multifamily apartment properties located primarily in California, and Seattle, Washington, with a multifamily portfolio of real estate assets having a book value of approximately $3.1 billion. BRE intends to use the proceeds to further its development efforts by paying off outstanding amounts under its revolver and redeeming outstanding preferred stock.
This transaction is the fourth time since 2010 that Milbank has acted as underwriters' counsel for a BRE financing. During that time, Milbank has assisted the Company in raising more than $1.25 billion through SEC-registered equity and debt offerings.
The Milbank team included partner Rob Williams and associates Sam Badawi, Ulric Lewen and Megha Shah from the Global Securities Group. Partner Bruce Kayle and associate Erica Cabri provided Tax support.
