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Kite Realty seeks $52 million in share offering

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Kite Realty Group Trust Inc. is selling 10.5 million new shares at $5.20 per share in an offering set to raise at least $52 million for the Indianapolis-based retail developer.

The offering, which the company priced Wednesday, boosts the number of Kite shares outstanding by 16 percent.

The company said in a statement it plans to use the proceeds to pay down a line of credit, freeing up liquidity for other purposes, including buying or redeveloping properties.

Wells Fargo Securities is the lead manager on the offering, which is set to close Oct. 22.

Kite shares rose about 1 percent, to $5.45 each, in early trading Wednesday.

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