Columbia Property Trust Plans New York Stock Listing Next MonthPatrick Gower
Columbia Property Trust Inc., the real estate investment trust with more than $5 billion of property assets, plans to list shares on the New York Stock Exchange next month.
The stock will trade under the ticker symbol CXP on or about Oct. 10, Columbia said today in a statement. The company said it plans to purchase as much as $300 million of the common shares. It didn’t disclose the pricing of the IPO or how much it plans to raise.
Columbia, based in Atlanta, changed its name from Wells Real Estate Investment Trust II Inc. and separated from adviser Wells Real Estate Funds in March as a step toward listing shares or liquidating its assets by October 2015, as required under the company’s charter.
The listing will “increase our shareholders’ total return potential over the long term by providing access to additional capital,” Columbia President Chief Executive Officer Nelson Mills said in the statement.