Industrial Logistics Properties Trust, an industrial REIT spun out of Select Income REIT, announced terms for its IPO on Tuesday. The company also added Oppenheimer & Co. as a co-manager.
The Newton, MA-based company plans to raise $590 million by offering 20 million shares at a price range of $28 to $31. At the midpoint of the proposed range, Industrial Logistics Properties Trust would command a fully diluted market value of $1.9 billion. The company plans to pay a quarterly dividend of $0.33/share (4.5% yield).
Industrial Logistics Properties Trust was founded in 2017 and booked $155 million in revenue for the 12 months ended September 30, 2017. It plans to list on the Nasdaq under the symbol ILPT. UBS Investment Bank, Citi, RBC Capital Markets, BofA Merrill Lynch, Morgan Stanley and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of January 8, 2018.
