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Safehold prices $84M common stock offering

Safehold Inc. priced an underwritten public offering of 3.0 million common shares for aggregate gross proceeds of about $84 million.

The property company granted the underwriters a 30-day option to buy up to 450,000 additional shares.

Concurrently with the offering closing, expected Aug. 12, the company will sell 6.0 million common shares to iStar Inc. in a private placement.

Safehold aims to use the net proceeds from the offering and concurrent private placement to make additional ground lease investments, to repay borrowings outstanding under its revolving credit facility and for general business purposes.

J.P. Morgan, BofA Merrill Lynch, Barclays and Mizuho Securities will be the joint book-running managers, while SunTrust Robinson Humphrey will act as lead manager. Raymond James, Citigroup, Morgan Stanley and Goldman Sachs & Co. LLC will be the co-managers.