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Clipper Realty requests withdrawal of IPO registration statement

Diversified real estate investment trust Clipper Realty Inc. has requested for the immediate withdrawal of its IPO registration statement that it initially filed with the SEC on Oct. 7, 2016.

The company said in a filing that it will not pursue the registration and sale of the securities covered by the registration statement.

According to the filing, the request is consistent with the public interest and protection of investors, and there has been no issuance, distribution or sale of the securities under the statement.

The REIT had planned to use proceeds from the offering to repay up to $100 million outstanding under a mezzanine note, fund about $31 million of certain capital improvements to reposition and modernize its properties, and fund the acquisition of multifamily or commercial properties in the New York metropolitan area.