Prime Retail realty trust to offer stock


Prime Retail Inc., a Baltimore-based real estate investment trust that specializes in factory-outlet centers, plans to go public with an initial public offering of 13.45 million shares worth about $20 each through Goldman, Sachs, & Co., Merrill Lynch & Co. and Kemper Securities Inc.

Prime Retail owns outlet centers and community shopping centers in Tennessee, Texas, Florida, Ohio and Colorado and plans to open centers in Pennsylvania and Illinois. It was formed to expand the retail division of The Prime Group Inc.

Prime Retail shares are expected to trade on the New York Stock Exchange under the symbol PRM.

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