PRESS DIGEST- Financial Times - Feb 22
Feb 22 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
May 23 Rexford Industrial Realty Inc, an owner and operator of industrial properties, filed with U.S. regulators on Thursday to raise up to $300 million in an initial public offer of its common stock.
The company, which plans to structure itself as a REIT focused on operating industrial properties in Southern California, did not say how many shares it planned to sell or their expected price. ()
Los Angeles-based Rexford Industrial Realty listed Merrill Lynch, Pierce, Fenner & Smith, Wells Fargo and FBR Capital Markets among underwriters to its offering and said it intends to list its common stock on the New York Stock Exchange.
Another REIT, Waypoint Homes Realty Trust Inc, filed for an IPO of up to $100 million, earlier this week. It listed Citigroup and Jefferies as underwriters and said it intends to list its common stock on the Nasdaq under the symbol "WAY." ()
Companies with large real estate assets eye a REIT structure as it helps reduce the tax burden on their rental income. Shareholders also stand to gain as REITs are required to distribute at least 90 percent of their profits as dividends.
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.
Feb 22 Gold held firm on Wednesday after falling as much as 1 percent the session before, with investors waiting for minutes from the Federal Reserve's last meeting for clues on the timing of interest rate hikes. FUNDAMENTALS * Spot gold was steady at $1,236 per ounce at 0054 GMT, while U.S. gold futures fell 0.1 percent to $1,237. * Data showed the U.S. Purchasing Managers Index (PMI) was at 53.9 in February, down from 55.6 in January and expe
Feb 22 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.