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Douglas Emmett Plans Record-Breaking IPO
Los Angeles trophy landlord Douglas Emmett Inc. has filed for a $1.1 billion initial public offering
Los Angeles trophy landlordDouglas Emmett Inc.has filed for a $1.1 billion initial public offering in hopes that the recent spate of privatizations in the office sector has created a demand for public real estate investment trusts strong enough to set a new capital raising record for a REIT, investors said.
Over $10 billion in shares of office REITs have disappeared from the public markets in the past year, withArden Realty,CarrAmericaandTrizecall taken private.Equity Office Propertiesalso recently initiated a share repurchase program that has brought the disappearing shares total for pure play office REITs to about $12 billion, according to analysts.