Tuesday, June 25, 2024
HomeStockTerreno Realty upsizes public inventory providing to five.5 million shares By Investing.com

Terreno Realty upsizes public inventory providing to five.5 million shares By Investing.com

© Reuters.

BELLEVUE, Wash. – Terreno Realty Company (NYSE:), an organization specializing within the acquisition, possession, and operation of commercial actual property in key coastal U.S. markets, has upsized its public providing to five,500,000 shares of widespread inventory, priced at $62.00 every. The providing, which was initially set at 5,000,000 shares, is anticipated to shut on March 27, 2024, topic to customary closing situations.

The underwriters for this providing have been supplied with a 30-day choice to buy as much as a further 825,000 shares. Goldman Sachs & Co (NYSE:). LLC and KeyBanc Capital Markets Inc. are the underwriters managing the providing course of.

Terreno Realty intends to make the most of the web proceeds from this providing to fund quite a lot of strategic initiatives. These embody the acquisition of a portfolio of commercial properties, comprising 28 buildings with a complete sq. footage of 1,245,000, situated throughout New York Metropolis, Northern New Jersey, San Francisco Bay Space, and Los Angeles.

Moreover, the funds will probably be allotted in the direction of the acquisition of different properties at the moment underneath buy and sale agreements or letters of intent, funding growth and redevelopment tasks, and normal company functions.

The providing is being carried out in accordance with an efficient shelf registration assertion filed with the Securities and Trade Fee (SEC). A prospectus and prospectus complement referring to the providing will probably be obtainable from the SEC’s web site or immediately from the underwriters.

This announcement doesn’t represent a suggestion to promote or a solicitation of a suggestion to purchase any securities, and there will probably be no sale of those securities in any state or jurisdiction the place such supply, solicitation, or sale can be illegal earlier than registration or qualification underneath the securities legal guidelines of such state or jurisdiction.

Terreno Realty Company operates in a number of main U.S. markets, together with Los Angeles, Northern New Jersey/New York Metropolis, San Francisco Bay Space, Seattle, Miami, and Washington, D.C. The corporate’s enlargement technique is evidenced by this upsized providing and its focused acquisitions in prime industrial areas.

The knowledge on this article is predicated on a press launch assertion from Terreno Realty Company.

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