British Columbia's City Office REIT Inc. filed with US regulators to raise up to $115 million in an initial public offering of its common stock on the New York Stock Exchange. City Office is controlled by Canadian private equity firm Second City Capital Partners according to Reuters.
According to the report, City Office told the US Securities and Exchange Commission in a preliminary prospectus that financial services firms Janney Montgomery Scott LLC and Wunderlich Securities Inc. were underwriting the IPO. The filing, however, did not reveal how many shares the company planned to sell or its expected price.
City Office has focused on properties in the metropolitan areas of southern and western United States. Upon completion of the offering, it will own six office complexes, comprising 16 office buildings in the metropolitan areas of Boise, Denver, Portland, Tampa, Allentown and Orlando, the report said.
Net proceeds from the offering will be used for City Office's working capital and capital expenditures, Reuters reported.
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