Workspace Property Trust (WSPT) to Raise $526 Million in IPO

Workspace Property Trust (WSPT) is planning to raise $526 million in an initial public offering (IPO) on Friday, November 10th, IPO Scoop reports. The company plans to issue 39,000,000 shares at a price of $12.00-$15.00 per share.

In the last twelve months, Workspace Property Trust generated $152.7 million in revenue and had a net loss of $60 million. Workspace Property Trust has a market-cap of $1 billion.

Goldman Sachs, J.P. Morgan and BofA Merrill Lynch served as the underwriters for the IPO and KeyBanc Capital Markets, Barclays, Citigroup, BMO Capital Markets, Capital One Securities and JMP Securities were co-managers.

Workspace Property Trust provided the following description of their company for its IPO: “Workspace Property Trust is a fully integrated real estate investment company primarily focused on acquiring, owning and operating high-quality office and flex real estate in prime locations within transit centric, amenity rich U.S. suburban office submarkets.We believe the U.S. suburban office market is under-represented in the public REIT space despite offering compelling risk-adjusted returns that are supported by recovering demand, limited new supply and an increasing demographic shift back to the suburbs. We intend to capitalize on this market opportunity by sourcing and executing accretive acquisitions and enhancing the value of our portfolio through proactive asset management. As a first step in executing on our strategy, we have assembled a strong portfolio of 148 properties, totaling 9.9 million rentable square feet, and, as of October 6, 2017, we have identified an acquisition pipeline of high-quality, well-located and attractively-priced suburban office and flex properties totaling more than 25.0 million square feet and with an estimated purchase price of approximately $4.0 billion based on management’s estimates of the market price for such square footage. “.

Workspace Property Trust was founded in 2015 and has 70 employees. The company is located at 700 Dresher Road, Suite 150, Horsham, PA 19044, US and can be reached via phone at (215) 328-2700 or on the web at http://www.workspaceproperty.com.

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