Welsh Property Trust, a Central US-focused REIT with a portfolio of 80 industrial and 8 office properties, lowered the proposed deal size for its upcoming IPO on Thursday. The Minnetonka, MN-based company now plans to raise $340 million by offering 20.9 million shares at a price range of $16-$16.50. The company had previously filed to offer 17.5 million shares at a range of $19-$21. At the mid-point of the revised range, Welsh Property Trust will raise -3% fewer proceeds than previously anticipated. The REIT, which was founded in 1977 and booked $156 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.
