Kramont Realty Trust, Plymouth Meeting, Pa., has reported the sale of 2.4 million shares of its 8.25% series E cumulative redeemable preferred stock and called for the redemption on Jan. 30 of all its outstanding 9.5% series D cumulative redeemable preferred shares.Kramont said the series E stock was sold at $25 per share in a direct placement to mutual funds and other purchasers. The proceeds of approximately $58.5 million will be used to redeem the series D preferred shares at $25 per share plus $0.066 per share in accrued and unpaid distributions, the company said. Kramont, an equity real estate investment trust that specializes in shopping centers, can be found online at http://www.kramont.com.
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