International Market Centers, a Bain/Oaktree-backed REIT with trade show centers for the home decor and gift industries, filed on Monday with the SEC to raise up to $200 million in an initial public offering.
IMC claims that it is the largest owner and operator of permanent business-to-business showroom space in North America for the home furniture industry and one of the largest for the home decor and gift industries. The REIT owns two properties in Las Vegas, NV and High Point, NC, which each hold semi-annual trade shows. Oaktree (NYSE:OAK) and Bain bought the properties in 2011 when they were under financial distress and formed IMC.
Another Oaktree-backed REIT, STORE Capital (STOR) is set to price its $500 million IPO next week.
The Las Vegas, NV-based company, which was formed in 2011 and booked $159 million in sales for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol IMC. International Market Centers initially filed confidentially on August 12, 2014. Barclays, Credit Suisse, Wells Fargo Securities, Deutsche Bank and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.
