Alpine Income Property Trust, a single-tenant commercial net lease REIT formed by Consolidated-Tomoka, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
It is a carve-out of Florida REIT Consolidated-Tomoka Land Co. (NYSE: CTO, $320 million market cap), which will manage it. Consolidated-Tomoka (17.5% post-IPO stake) also plans to invest $7.5 million in a concurrent private placement valuing Alpine Income Property Trust at $183 million
The Daytona Beach, FL-based company plans to list on the NYSE under the symbol PINE. Raymond James, Baird, B. Riley FBR, BMO Capital Markets, Janney Montgomery Scott and D.A. Davidson are the joint bookrunners on the deal. No pricing terms were disclosed.
