Armada Hoffler Properties, a REIT that develops, builds and owns office, retail and multifamily properties, announced terms for its IPO on Friday. The Virginia Beach, VA-based company plans to raise $175 million by offering 14.6 million shares at a price range of $11 to $13. At the midpoint of the proposed range, Armada Hoffler Properties would command a market value of $333 million, which includes units expected to be issued in the formation transactions.
Armada Hoffler Properties, which was founded in 1979 and booked $108 million in sales for the 12 months ended 12/31/2012, plans to list on the NYSE under the symbol AHH. Armada Hoffler Properties initially filed confidentially on 2/12/2013. Baird was originally listed as the sole bookrunner, but the most recent filling added Raymond James and Stifel as joint bookrunners on the deal.
