UPDATE 1-Schottenstein Realty Trust files for $517.5 mln IPO

Tue Dec 21, 2010 11:06am EST

* Says Raymond James to be underwriter

* Says intends to apply for NYSE listing

Dec 21 (Reuters) - Schottenstein Realty Trust Inc filed with U.S. regulators on Tuesday to raise up to $517.5 million in an initial public offering (IPO) of common stock.

The filing with the U.S. Securities and Exchange Commission did not reveal how many shares the company planned to sell or their expected price.

Schottenstein Realty Trust Inc, an operator of shopping centers, said it will contribute the net proceeds of this offering to an operating partnership with its consolidated subsidiaries, including Schottenstein Realty L.P.

It expects the operating partnership to use part of the net proceeds for the acquisition of equity interests in some existing entities and joint venture properties.

About $250.0 million from the proceeds will be used for repayment or defeasance of existing indebtedness, Schottenstein said in a filing.

The company said Raymond James was underwriting the IPO, and has applied for a listing of its stock on the New York Stock Exchange under the symbol "SCRT". (Reporting by Shailesh Kuber in Bangalore; Editing by Joyjeet Das)

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