Company: Workspace Property Trust
Symbol: WSPT
Description: Workspace Property Trust is a fully integrated real estate investment company primarily focused on acquiring, owning and operating high-quality office and flex real estate in prime locations within transit centric, amenity rich U.S. suburban office submarkets.
Shares: 39 million
Price Range: $12.00-$15.00
Trade Date: 11/10
Underwriter(s): Goldman Sachs & Co, J.P. Morgan, BofA Merrill Lynch
Co-Manager(s): KeyBanc Capital Markets, Barclays, Citigroup, BMO Capital Markets, Capital One Securities, JMP Securities
Business: They believe the U.S. suburban office market is under-represented in the public REIT space despite offering compelling risk-adjusted returns that are supported by recovering demand, limited new supply and an increasing demographic shift back to the suburbs. They intend to capitalize on this market opportunity by sourcing and executing accretive acquisitions and enhancing the value of our portfolio through proactive asset management. As a first step in executing on their strategy, they have assembled a strong portfolio of 148 properties, totaling 9.9 million rentable square feet. As of October 20, 2017, through their extensive network of relationships, they have identified an acquisition pipeline of high-quality, well-located and attractively-priced suburban office and flex properties owned by third-party sellers totaling more than 25.0 million square feet and with an estimated purchase price of approximately $4.0 billion based on management’s estimates of the market price for such square footage.
REIT Sector Performance: IPOs in 2017
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