In a Forbes article, Silver Bay Realty Trust proposed an initial public offering of its 13,250,000 shares of common stock, with the IPO price between $18 and $20 a share.
Private capital management firm PRCM Real Estate Advisers, which is a joint venture between Pine River Capital Management and Provident Real Estate Advisors, will externally manage Silver Bay.
Additionally, Silver Bay entered into agreement in which it will acquire an initial portfolio of more than 3,100 single-family residential properties through Provident and Two Harbors Investment Corp.(TWO), which is a public traded real estate investment trust. This is in exchange for equity interests in Silver Bay.
The proceeds from the offering are expected to be used to purchase additional single-family properties. Silver Bay intends to elect and qualify to be taxed as a REIT.
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