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Government Properties nets $435M in Select Income REIT stake sale

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.