Jan 7 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
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
Net proceeds from the offering will also be used for working
capital and capital expenditures, the REIT said in the filing on
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.