Politics & MoneyInvestments

Aviv REIT attempts IPO again

Privately owned real estate investment trust Aviv REIT filed a registration statement relating to the proposed initial public offering of its common stock the U.S. Securities and Exchange Commission.

Aviv REIT, which specializes in owning post-acute and long-term care skill nursing facilities as well as other health care properties, filed to raise up to $300 million in an IPO of its common stock. 

Aviv originally attempted to go public in 2009, but ultimately withdrew the deal. Aviv and various shareholders planned to sell 16.6 million shares at a price range between $17 and $19 a share, according to an Oct. 29, 2009 filing with the SEC.

The recent trend in strong market conditions for REIT IPOs has resulted in a number of investments firm joining the REIT ranks.

American Realty (ARL) also recently added American Realty Capital Trust III (ARCT), in a cash-and-stock deal as it seeks to diversify and cut costs.

Silver Bay Realty Trust raised $245 million in its initial public offering this month. The company was formed by Two Harbors Investment Group (TWO) to manage, renovate, buy and lease single-family properties.

Also, Orchid Island Capital, which filed in October to raise up to $45 million in an initial public offering, made the move as an indication that demand in the market is growing stronger. 

The Aviv refilling did not reveal how many shares the company planned to sell or the price for each share, according to a Dec. 17 SEC filing.

Morgan Stanley (MS), Bank of America Merrill Lynch (BAC) and Goldman, Sachs & Co. (GS) are acting as joint book-running managers of the offering. 

Citigroup (C), RBC Capital Markets and SunTrust Robinson Humphrey will act as co-managers.

Aviv booked $119 million in sales for the 12 months ending in September. The company plans to list on the New York Stock Exchange under the symbol AVIV.


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