City Office REIT files for IPO of up to $115 mln

Tue Jan 7, 2014 6:02pm EST

Jan 7 (Reuters) - City Office REIT Inc, controlled by private equity firm Second City Capital Partners, filed with U.S. regulators to raise up to $115 million in an initial public offering of common stock.

The company told the U.S Securities and Exchange Commission in a preliminary prospectus that Janney Montgomery Scott and Wunderlich Securities were underwriting the IPO.

City Office has focused on properties in the metropolitan areas of southern and western United States.

Upon completion of the offering, the company will own six office complexes, comprising 16 office buildings in the metropolitan areas of Boise, Denver, Portland, Tampa, Allentown and Orlando.

The filing did not reveal how many shares the company planned to sell or their expected price. ()

The Vancouver, British Columbia-based company intends to list its common stock on the New York Stock Exchange under the symbol "OFFC."

Net proceeds from the offering will also be used for working capital and capital expenditures, the REIT said in the filing on Tuesday.

City Office's net loss widened to $1.34 million in the nine months ended Sept. 30, from $1.13 million a year earlier. Revenue rose about 80 percent to $14.6 million.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

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