IPO News Archive

Welsh Property Trust submits filing for $345 million IPO

3/4/10


Welsh Property Trust, an office and industrial REIT formed to continue the 32-year-old business of the Welsh organization, filed on Wednesday with the SEC to raise up to $345 million in an initial public offering. The Minnetonka, MN-based REIT currently has 7 service businesses, over 300 employees, 21 locations and a portfolio of 27 million square feet under management, according to the filing. Welsh Property Trust, which began operations in 1977 and booked $121 million in sales for the year ended December 2009, plans to list on the NYSE under the symbol WLS. Upon completion of the offering, the REIT will own 64 properties (56 industrial, 8 office) comprising roughly 9 million leasable square feet. UBS Investment Bank and J.P. Morgan are the lead underwriters on the deal. Pricing terms and timing were not disclosed.

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