NetSTREIT, a net lease REIT that manages single-tenant retail commercial properties, raised $225 million by offering 12.5 million shares (98% primary) at $18, below the range of $19 to $21. The company offered 3 million fewer shares than anticipated. At pricing, the company commands a fully diluted market value of $574 million including redeemable OP Units.
NetSTREIT plans to list on the NYSE under the symbol NTST. Wells Fargo Securities, BofA Securities, Citi, Stifel and Jefferies acted as lead managers on the deal.
