CommonWealth REIT Sells Remaining GOV Stake
CommonWealth REIT has sold what was left of its stake in Government Properties Income Trust . The two companies both announced the sale, which saw CommonWealth REIT divest itself of 9.95 million shares of its onetime subsidiary -- a stake of roughly 18% -- in a public offering. The price was $25.20 per share, and the proceeds totaled just over $240 million.
The transaction is expected to be settled on March 15. The joint bookrunning managers on the sale are Citigroup, Bank of America's Merrill Lynch unit, and Royal Bank of Canada subsidiary RBC Capital Markets.
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