Safety, Income and Growth, a commercial REIT formed by iStar (NYSE: STAR) to acquire, manage and finance ground net leases, announced terms for its IPO on Tuesday.
The New York, NY-based company plans to raise $205 million by offering 10.3 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Safety, Income and Growth would command a market value of $364 million.
Safety, Income and Growth was formed in 2017 and booked $22 million in revenue for the 12 months ended March 31, 2017. It plans to list on the NYSE under the symbol SAFE. BofA Merrill Lynch, J.P. Morgan, Barclays, Citi and Raymond James are the joint bookrunners on the deal. It is expected to price during the week of June 19, 2017.
