Aviv REIT, Inc. announced on Monday it had commenced an initial public offering of 13.2 million shares of its common stock, with an estimated price range between $18.00 and $20.00. Underwriters have the option to purchase up to an additional 1.98 million shares of common stock to cover over-allotments, if necessary.
The REIT’s common stock has been approved for listing on the New York Stock Exchange under the symbol “AVIV.”
The offering could raise up to $303.6 million if all shares are bought at the upper price range.
This is the third time the Chicago-based REIT has tried to go public, after an attempt in 2009 that fell through due to resistance from investors and an initial IPO play in late 2008 that coincided with the economic downturn.
Aviv plans to use the net proceeds from the offering to repay certain indebtedness and for general corporate purposes, including the potential acquisition of additional properties in the ordinary course of business.
Morgan Stanley, BofA Merrill Lynch, and Goldman, Sachs & Co. are acting as joint book-running managers of the offering, and Citigroup, RBC Capital Markets, SunTrust Robinson Humphrey, RBS and CSCA will act as co-managers.
Written by Alyssa Gerace