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RAIT Financial Trust Sells Preferred Equity Investment in a Chicago Office Tower

^{Published on 2010-10-04 07:41:17 - Market Wire}
 

PHILADELPHIA--([ BUSINESS WIRE ])--RAIT Financial Trust (NYSE: RAS) (aRAITa) announced that it has sold a $19.5 million preferred equity investment, at a premium, in a 737,000 square foot, class aAa office property located in Chicago, Illinois. The sale closed during the third quarter of 2010. The sale is part of a strategy RAIT is executing on to increase funds available for investment through RAITa™s commercial real estate securitizations.

"We are extremely pleased with the execution of this transaction. Using our broker-dealer subsidiary, RAIT Securities, we were able to sell the asset at a premium to its par value and expect to re-invest the proceeds into new commercial real estate investments."

Scott Schaeffer, RAITa™s Chief Executive Officer and President, commented aWe are extremely pleased with the execution of this transaction. Using our broker-dealer subsidiary, RAIT Securities, we were able to sell the asset at a premium to its par value and expect to re-invest the proceeds into new commercial real estate investments.a

About RAIT Financial Trust

RAIT Financial Trust manages a portfolio of real estate related assets, provides a comprehensive set of debt financing options to the real estate industry and invests in real estate related assets. RAIT's management uses its experience, knowledge and relationship network to seek to generate and manage real estate related investment opportunities for RAIT and for outside investors. For more information, please visit [ www.raitft.com ] or call Investor Relations at 215.243.9000. Securities and advisory services are only offered through RAIT Securities, a registered investment advisor and member of FINRA and SIPC.