KKR Real Estate Finance Trust, a KKR-managed mortgage REIT focused on commercial real estate debt, announced terms for its IPO on Wednesday.
The New York, NY-based company plans to raise $210 million by offering 10 million shares at a price range of $20.50 to $21.50. At the midpoint of the proposed range, KKR Real Estate Finance Trust would command a fully diluted market value of $1.1 billion.
KKR Real Estate Finance Trust was formed in 2014 and booked $41 million in revenue for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol KREF. Wells Fargo Securities, Morgan Stanley, KKR, Barclays, Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of May 1, 2017.
