Washington, D.C. office building REIT ETRE sets terms for $56 million IPO


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ETRE REIT, which was recently formed to own and operate an office building in Washington, D.C, announced terms for its IPO on Friday. The New York, NY-based company plans to raise $56 million by offering 3.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, ETRE REIT would command a market value of $56 million. ETRE has labeled the offering a "first-of-its-kind, exchange-traded real estate platform" intended to allow individuals to invest in a single commercial real estate property.

ETRE REIT, which was formed in 2014 and booked $7 million in historical revenue for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol ECAV. It initially filed confidentially on May 2, 2013. Sandler O'Neill is the sole bookrunner on the deal.

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

This article appears in: News Headlines , IPOs

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