City Office REIT, which was formed to acquire and operate office properties in the US, announced terms for its IPO on Tuesday. The Vancouver, Canada-based company plans to raise $100 million by offering approximately 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, City Office REIT would command a fully diluted market value of $190 million.
City Office REIT, which was founded in 2013 and booked $20 million in sales for the fiscal year ended December 31, 2013, plans to list on the NYSE under the symbol CIO. City Office REIT initially filed confidentially on December 6, 2013. Janney Montgomery Scott, Wunderlich Securities and Oppenheimer are the joint bookrunners on the deal.
