Welsh Property Trust Inc., a real estate investment trust (REIT) formed by Minnetonka-based Welsh Cos.,has filed a registration to raise up to $345 million in an initial public offering.
In a filing with the Securities and Exchange Commission, Welsh Property said it plans to use proceeds from the stock offering to make acquisitions, pay down debt and for other general business purposes.
The acquisitions would be focused on industrial and office properties in the central United States and could include buying distressed properties. Welsh Property said it is reviewing the acquisition of more than $820 million in properties and already has purchase agreements for two in Missouri and Ohio.
The REIT already owns 64 office and industrial properties, 19 of them in Minnesota. It also owns about 44 acres of vacant, developable land. It said it expects to continue to manage and handle leasing for its portfolio after the offering.
Welsh Property posted a net loss of $12.6 million on revenue of $121.4 million for 2009, the filing said. It had total assets of $782.2 million and total liabilities of $414.7 million at the end of the year.
No date or share price had been set for the offering, which is being underwritten by UBS Investment Bank and J.P. Morgan. The shares will trade under the symbol WLS on the New York Stock Exchange.
SUSAN FEYDER
