Alexandria Real Estate Equities Inc. priced its public offering of 6.0 million common shares at approximately $155.0 per share and granted a 30-day option for the underwriters to acquire up to 900,000 additional shares.
The urban office real estate investment trust launched the offering in connection with the forward-sale agreements it entered into with Goldman Sachs & Co. LLC, Bank of America NA, Citibank NA and JPMorgan Chase Bank NA London Branch.
Based on the offering price, gross proceeds are expected to be approximately $1.07 billion, including the additional-share option.
The REIT does not initially expects to receive any net proceeds from the sales of its shares by the forward purchasers or their affiliates. Any net proceeds it receives upon the future settlement of the forward-sale agreements will be mainly used to finance pending and recently closed acquisitions, as well as development projects.
Goldman Sachs, BofA Securities, Citigroup and JP Morgan are the joint book-running managers for the offering.