Financial Shares Moderately Higher; Invesco Real Estate Buys Four-Building Complex in Suburban L.A.


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Financial stocks are moderately higher, with the NYSE Financial Sector Index gaining 0.2% and the S&P Financial 100 Index inching less than 0.1% higher.

In company news, Invesco Real Estate ( IVZ ) is narrowly lower in mid-day trade, with shares falling 0.2% to $32.42 each after announcing a deal with SSV Properties to acquire the Park Place office complex in El Segundo, Calif.

The four-building campus totals 540,000 square feet of office space, with the 2120 Park Place building fully leased, with tenants that includes Wells Fargo ( WFC ) and Pardee Homes. The other three buildings are slated for extensive renovations. The deal also includes the 2145 Park Place garage.

The purchase price was not disclosed.

In other sector news,

(+) EIHI, (+15.2%) Agrees to merge with a newly formed subsidiary of ProAssurance Corp. ( PRA ) in an all-cash transaction that values EIHI at $24.50 per share. The $205-mln transaction is expected to close by Jan. 1.

(-) ABR, (-6.2%) Prices public offering of 6 mln shares of its common stock at $7.08 apiece.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: IVZ , PRA , WFC

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