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TPG RE Finance Trust, a commercial mortgage REIT, sets terms for $225 million IPO

July 10, 2017
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TPG RE Finance Trust, a TPG-managed mortgage REIT focused on commercial real estate debt, announced terms for its IPO on Monday.

The New York, NY-based company plans to raise $225.5 million by offering 11 million shares at a price range of $20 to $21. At the midpoint of the proposed range, TPG RE Finance Trust would command a market value of $1.2 billion.

TPG RE Finance Trust was founded in 2014 and booked $102 million in revenue for the 12 months ended March 31, 2017. It plans to list on the NYSE under the symbol TRTX. BofA Merrill Lynch, Citi, Goldman Sachs, Wells Fargo Securities, Deutsche Bank, J.P. Morgan, Morgan Stanley and Barclays are the joint bookrunners on the deal. It is expected to price during the week of July 17, 2017.