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Workspace Property Trust sets terms for $527 million IPO

November 1, 2017

Workspace Property Trust, a REIT focused on US suburban office and flex real estate, announced terms for its IPO on Wednesday. The company also disclosed KeyBanc, Barclays, Citi, BMO, Capital One and JMP as joint bookrunners on the deal.

The Horsham, PA-based company plans to raise $527 million by offering 39 million shares at a price range of $12 to $15. At the midpoint of the proposed range, Workspace Property Trust would command a fully diluted market value of $1.0 billion. The company intends to declare an initial pro rata annualized dividend of $0.54/share, which implies a 4% yield at the midpoint.

Workspace Property Trust was founded in 2015 and booked $153 million in sales for the 12 months ended June 30, 2017. It plans to list on the NYSE under the symbol WSPT. Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, KeyBanc Capital Markets, Barclays, Citi, BMO Capital Markets, Capital One Securities and JMP Securities are the joint bookrunners on the deal. It is expected to price during the week of November 6, 2017.