TPG RE Finance Trust, a TPG-managed mortgage REIT focused on commercial real estate debt, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $500 million or more.
The New York, NY-based company was formed in 2014 and booked $92 million in revenue for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol TRTX. BofA Merrill Lynch, Citi, Goldman Sachs and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
