Polar Star Realty Trust, a REIT formed to own office and industrial property in Norway and Sweden, announced terms for its IPO on Monday. The New York, NY-based company plans to raise $500 million by offering 43.5 million shares at a price range of $10 to $13. At the midpoint of the proposed range, Polar Star Realty Trust would command a fully diluted market value of $800 million.
The year's two largest REIT IPOs, Paramount Group (PGRE) and STORE Capital (STOR), priced last week and trade up 5% and 7% respectively.
Polar Star Realty Trust, which was founded in 1999 and booked $120 million in revenue for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol PSRT. FBR Capital Markets, Wunderlich Securities and ABG Sundal Collier are the joint bookrunners on the deal. It is expected to price during the week of December 8, 2014.
