Securities Arbitration Lawyers BlogParking REIT Files For $100M IPO After Raising Substantial Funds From Retail Investors
Real estate investment trust, Parking REIT, which owns parking lots unveiled a $100 million initial public offering Tuesday as the company looks to pay off debts and expand an existing network of parking facilities across the U.S.
In a SEC filing with the U.S. Securities and Exchange Commission, Parking REIT set a $100 million maximum aggregate offering price. However, that $100 million figure may be a placeholder frequently used on initial IPO filings. Moreover, it is unclear whether investors will be able to sell their funds at or near their cost basis.
The Parking REIT is managed by Nevada-based The Parking REIT Advisors. The company invests in parking lots, garages and other structures in the U.S. Parking REIT said its primary use for the funds raised in the IPO will be the repayment of $9.1 million in debt, in addition to general corporate purposes, working capital and the acquisition of additional parking locations.