Amazon logistics center REIT ROX Financial files for an $83 million IPO

ROX Financial LP, a REIT leasing an Oakley, California last-mile logistics center to Amazon, filed on June 29, 2021 with the SEC to raise up to $83 million in an initial public offering.

The New York, NY-based company plans to raise $83 million by offering 8 million shares at $10 per share. The current owner of the logistics center, NorthPoint Development, has agreed to purchase $5 million worth of shares in a concurrent private placement. Additionally, ROX Parent has agreed to purchase $2 million worth of shares in a concurrent private placement. At the proposed deal size, the company will command a market value of $90 million.

ROX Financial LP intends to use substantially all of the proceeds from the offering to purchase an Oakley, California last-mile Amazon delivery station from NorthPoint Development. The property is a 145,503 square foot delivery station completed in 2020 and built specifically to Amazon's standards. It is approximately 40 miles from both San Francisco and Sacramento, and the company claims more than 3.2 million households are accessible within a 50 mile radius. ROX Financial LP intends to continue to build a curated portfolio of logistics properties leased to Amazon.

The company was founded in 2020 and plans to list on the NYSE Arca under the symbol AMZL. ROX Financial LP filed confidentially on January 29, 2021. UBS Investment Bank is the sole bookrunner on the deal.