DCT Industrial Trust launches stock offering
DENVER (AP) — DCT Industrial Trust Inc. on Tuesday commenced a public offering of 16.5 million shares of stock. The Denver-based industrial real estate company also expects to give underwriters an option to purchase nearly 2.5 million additional shares.
The company plans to use the proceeds for future acquisitions, development activities, debt repayment and general corporate purposes.
BofA Merrill Lynch, J.P. Morgan, Wells Fargo Securities and Citigroup will be joint managers for the offering.
DCT specializes in buying, developing, leasing and managing bulk distribution and light industrial properties in the U.S. and Mexico. Its shares rose 10 cents to close at $6.42.