Haagen Properties Holds Initial Public Offering

Alexander Haagen Properties Inc., a newly formed real estate investment trust that owns the Burbank Media City Center and 35 other properties, held its initial public offering Monday. The trust offered 10.8 million common shares at $18 a share as well as $75 million of seven-year 7.5% convertible debentures, or unsecured notes.

Proceeds from the offering will be used to reduce the trust’s debt, acquire certain properties and for other corporate purposes. Haagen, a real estate developer, formed the trust to continue and expand the operations of the Alexander Haagen Co. Inc.