American Assets Trust, a full service REIT with an initial portfolio of 20 retail and office properties primarily in California and Hawaii, announced terms for its IPO on Monday. The San Diego, CA-based company plans to raise $500 million by offering 25 million shares at a price range of $19-$21. At the mid-point of the proposed range, American Assets Trust will command a market value of $1 billion. American Assets Trust, which was founded in 1967 and booked $196 million in sales last year, plans to list on the NYSE under the symbol AAT. BofA Merrill Lynch, Wells Fargo Securities and Morgan Stanley are the lead underwriters on the deal, which is expected to price during the week of January 10.
