Armada Hoffler Properties Inc. sells 6.9 million shares

Robert Powell, III //May 12, 2017//

Robert Powell, III// May 12, 2017//

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Virginia Beach-based Armada Hoffler Properties Inc. has closed public offering of 6.9 million shares of its common stock.

The stock, sold at $13 a share, generated net proceeds of about $85.4 million.

Armada Hoffler intends to use funds from the offering to repay a portion of its outstanding debt under its unsecured revolving credit facility.

Armada Hoffler is a real estate investment trust that develops, builds, owns and manages retail and multifamily properties in markets primarily in the mid-Atlantic and Southeast.

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