Aviv REIT has announced the pricing of its initial public offering of 13,200,000 shares of common stock at a public offering price of USD20.00 per share.
The shares have begun trading on the New York Stock Exchange under the symbol "AVIV", and the offering is expected to close on 26 March 2013.
The underwriters have the option to purchase up to an additional 1,980,000 shares of common stock to cover overallotments, if any.
The company intends to use the net proceeds from the offering to repay certain indebtedness and to use the remainder for general corporate purposes, including the potential acquisition of additional properties in the ordinary course of business.
Morgan Stanley, BofA Merrill Lynch and Goldman Sachs are acting as joint book-running managers of the offering, and Citigroup, RBC Capital Markets, SunTrust Robinson Humphrey, RBS and CSCA will act as co-managers.