ETF News

UPDATE 1-Hudson Pacific Properties files for $264.5 mln IPO

* Files for IPO worth up to $264.5 mln

* Plans to list on NYSE under symbol “HPP.N”

NEW YORK, Feb 16 (Reuters) - Hudson Pacific Properties Inc, which plans to qualify as a real estate investment trust by the end of the year, filed for an initial public offering of up to $264.5 million on Tuesday.

Los Angeles-based Hudson Pacific owns and operates office properties in Northern and Southern California, including Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley and the East Bay. The company said in a regulatory filing that it is focusing its investment strategy on properties in growth markets and on underperforming properties.

After the IPO and formation transactions, Hudson Pacific said, the company will own eight properties totaling 2 million square feet.

It said it will use proceeds from the offering to pay off mortgages and acquire interests in the First Financial, Tierrasanta and Del Amo Office properties.

The underwriters are led by Bank of America Merrill Lynch, BAC.N, Barclays Capital BARC.L and Morgan Stanley MS.N. The company plans to list on the New York Stock Exchange under the symbol "HPP.N." (Reporting by Clare Baldwin; Editing by Steve Orlofsky)