A hardcore REIT: LoanCore Realty Trust sets terms for $300 million IPO

LoanCore Realty Trust, a newly-formed commercial mortgage REIT backed by Jefferies and GIC, announced terms for its IPO on Monday.

The Greenwich, CT-based company plans to raise $300 million by offering 15 million shares at a proposed price of $20. At that price, LoanCore Realty Trust would command a market value of $505 million. Concurrently with the offering, LoanCore plans to raise $15 million from senior management, $40 million from Jefferies Group and $150 million from GIC Private Limited.

LoanCore Realty Trust, which was founded in 2013 and booked $7 million in sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol LCRT. Deutsche Bank, J.P. Morgan, Morgan Stanley, BofA Merrill Lynch and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of June 29, 2015.