Colonial Properties Trust, Birmingham, Ala., has agreed to sell 2.11 million common shares to Merrill Lynch & Co. in a public offering.The company said the estimated net proceeds of approximately $72.5 million will be used to repay a portion of its line of credit and to develop, redevelop, and acquire properties. Colonial Properties, a real estate investment trust that owns multifamily, office, and retail properties in the South and in Texas, can be found on the Web at http://www.colonialprop.com.
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