PE-backed City Office REIT to raise $72.5 mln in IPO

City Office REIT Inc, a real estate company backed by Canadian private equity firm Second City Capital Partners, recently priced its initial public offering of 5.8 million shares at $12.50 per share. Gross proceeds are expected to total $72.5 million. City Office REIT, which was formed to acquire, own and operate office properties located in metropolitan areas in the southern and western United States, began trading last week on the New York Stock Exchange under the symbol “CIO.” As reported last December by peHUB Canada, the Vancouver-based Second City plans to launch a new partnership in 2014.

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