VANCOUVER,
British Columbia, April 14, 2014 /CNW/ - City Office REIT,
Inc. (the "Company"), a real estate company formed to acquire, own
and operate high-quality office properties located within its
specified target markets, which are located in metropolitan areas
in the Southern and Western United States, announced today
the pricing of its initial public offering of 5,800,000 shares of
its common stock at a public offering price of $12.50 per share
for total gross proceeds of $72.5 million. The Company's common stock
is expected to begin trading tomorrow, April 15, 2014, on
the New York Stock Exchange under the symbol "CIO."
The offering is expected to close on April 21, 2014,
subject to the satisfaction of customary closing conditions. The
Company has granted the underwriters a 30-day option to purchase up
to 870,000 additional shares of common stock at the initial public
offering price, less underwriting discounts, to cover
over-allotments, if any.
The Company intends to use the net proceeds from the offering to
acquire interests in the Company's initial properties, to repay
certain indebtedness secured by the initial properties and for
general working capital purposes, including payment of expenses
associated with the Company's formation transactions and
refinancings, future acquisitions and creating reserves for capital
expenditures, tenant improvements and leasing commissions.
Janney Montgomery Scott LLC, Wunderlich Securities, Inc. and
Oppenheimer & Co. Inc. are joint book-running managers for the
offering.
The offering of these securities is being made only by means of
a prospectus. Copies of the prospectus can be obtained from Janney
Montgomery Scott LLC, Attention: Equity Capital Markets Group, 60
State Street, 35th Floor, Boston, MA 02109, or by email at
prospectus@janney.com, Wunderlich Securities, Inc., Attention:
Equity Syndicate, 6000 Poplar Avenue, Suite 150, Memphis, TN
38119, or by email at syndicate@wundernet.com, or Oppenheimer &
Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad
Street, 26th Floor, New York, NY 10004, or by telephone at
(212) 667-8563 or email at EquityProspectus@opco.com.
A registration statement relating to these securities has been
filed with and declared effective by the U.S. Securities and
Exchange Commission on April 14, 2014. This press release shall
not constitute an offer to sell or a solicitation of an offer to
buy, nor shall there be any sale of, or any solicitation of an
offer to buy, these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About City Office REIT, Inc.
City Office REIT, Inc. is a real estate company formed to
acquire, own and operate high-quality office properties located
within our specified target markets, which are located in
metropolitan areas in the Southern and Western United
States. Upon completion of the offering, the Company
will own six office complexes comprised of 16 office buildings with
a total of approximately 1.85 million square feet of net rentable
area in the metropolitan areas of Boise (ID),
Denver (CO), Portland
(OR), Tampa (FL), Allentown
(PA) and Orlando (FL). The Company intends to
elect to be taxed as a real estate investment trust (REIT) for U.S.
federal income tax purposes.
Forward Looking Statements
This press release contains "forward looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. These forward looking statements include
statements with regard to the closing of the Company's offering,
the anticipated use of the net proceeds and the exercise of the
underwriter's over-allotment option. No assurance can be given that
the offering discussed above will be completed on the terms
described, or at all, that the net proceeds of the offering will be
used as indicated or that the underwriters' over-allotment option
will be exercised. Completion of the securities offering on the
terms described, the application of net proceeds and exercise of
the over-allotment option are subject to numerous conditions, many
of which are beyond the control of the Company. Investors should
not place undue reliance upon forward looking statements. For
further discussion of the factors that could affect outcomes,
please refer to the "Risk Factors" section of the Company's
registration statement and preliminary prospectus for the Company's
offering. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
Contact
City Office REIT, Inc.
Anthony
Maretic
+1-604-806-3366
investorrelations@cityofficereit.com
SOURCE City Office REIT, Inc.