Silver Bay Realty Trust, a newly formed REIT focused on the acquisition, renovation, leasing and management of single-family properties, filed on Tuesday with the SEC to raise up to $288 million in an initial public offering. Pine River Domestic Management and Provident Real Estate Advisors will externally manage Silver Bay through PRCM Real Estate Advisers in a joint venture.
The Minnetonka, MN-based company, which was founded in 2012, will buy properties from Two Harbors Investment Corp (NYSE: TWO) and Provident in exchange for its common shares. Credit Suisse is the sole bookrunner on the deal. No pricing terms were disclosed.
