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City Office REIT prices common share offering

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City Office REIT prices common share offering

City Office REITInc. priced a public offeringof 7 million common shares and granted the underwriters a 30-day option to buy upto 1,050,000 additional shares.

The company said March 30 that it will offer the shares at $11.40apiece, representing $79.8 million in gross proceeds.

City Office expects to wrap up the offering April 5, pendingnormal closing conditions.

The net proceeds from the offering will be used to repay certainindebtedness and general working capital purposes, including future acquisitions,creating reserves for capital expenditures, tenant improvements and leasing commissions.

Deutsche Bank Securities is serving as the offering's sole book-runningmanager, while Janney Montgomery Scott LLC, Wunderlich Securities Inc., Oppenheimer& Co. Inc., D.A. Davidson & Co. and Compass Point Research & TradingLLC are serving as joint lead managers.