City Office REIT Prices Downsized IPO At $12.50 Per Share

(RTTNews) - City Office REIT Inc. announced that it priced its initial public offering of 5.80 million shares of its common stock at a public offering price of $12.50 per share for total gross proceeds of $72.5 million. According to recent regulatory filings, the company planned to offer 6.67 million shares in the range of $14.00 - $16.00 per share.

The company's common stock is expected to begin trading tomorrow, April 15, 2014, on the New York Stock Exchange under the symbol "CIO."

The offering is expected to close on April 21, 2014, subject to the satisfaction of customary closing conditions. The company has granted the underwriters a 30-day option to purchase up to 870,000 additional shares of common stock at the initial public offering price, less underwriting discounts, to cover over-allotments, if any.

The company intends to use the net proceeds from the offering to acquire interests in the Company's initial properties, to repay certain indebtedness secured by the initial properties and for general working capital purposes, including payment of expenses associated with the Company's formation transactions and refinancings, future acquisitions and creating reserves for capital expenditures, tenant improvements and leasing commissions.

City Office REIT is a real estate company formed to acquire, own and operate high-quality office properties located within its specified target markets, which are located in metropolitan areas in the Southern and Western United States.