Welsh Property Trust, a central US-focused REIT with a portfolio of 80 industrial and 8 office properties, announced updated terms for its IPO on Monday. The Minnetonka, MN-based company plans to raise $340 million by offering 35.8 million shares at a price range of $8.50-$10.50; at the mid-point of the proposed range, Welsh Property Trust will command a market value of $412 million. The REIT had previously filed to raise $350 million by selling 17.5 million shares at a range of $19-$21 before cutting the deal size and postponing the IPO on June 3rd. Welsh Property Trust, which was founded in 1977 and booked $155 million in sales last year, plans to list on the NYSE under the symbol WLS. UBS Investment Bank and J.P. Morgan are the lead underwriters on the deal, which is expected to price this week.
