Ares Commercial Real Estate, an Ares Management-owned REIT focused on middle-market commercial real estate assets, announced terms for its IPO on Tuesday. The Chicago, IL-based company plans to raise $150 million by offering 7.7 million shares at a price range of $19 to $20. At the midpoint of the proposed range, Ares Commercial Real Estate would command a market value of $180 million. Ares Commercial Real Estate, which commenced operations in December, plans to list on the NYSE under the symbol ACRE. Wells Fargo Securities, Citi, BofA Merrill Lynch and J.P. Morgan are the joint bookrunners on the deal.
