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 (
) 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 include Wells Fargo (
) and Pardee Homes. The other three buildings are slated for
extensive renovations. The deal also includes the 2145 Park Place
The purchase price was not disclosed.
In other sector news,
(+) EIHI, (+15.2%) Agrees to merge with a newly formed
subsidiary of ProAssurance Corp. (
) 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.
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