Office real estate investment trust Government Properties Income Trust closed the sale of its remaining 24,918,421 common shares in diversified REIT Select Income REIT at $18.25 apiece, generating $434.7 million in net proceeds.

The underwritten public offering closed Oct. 9, and the sold shares represent an approximately 27.8% stake in Select Income REIT, based on the company's 89,550,528 common shares outstanding as of Oct. 9.