Ginkgo Residential Plans $250 million IPO

Ginkgo Residential Plans $250 million IPO

Posted on 21. Mar, 2012 by in News

Ginkgo Residential Trust Inc. disclosed plans to raise $250 million in an initial public offering. The real estate investment trust owns and manages mid-market communities throughout the Southern U.S. In a filing with the SEC, the company said it plans to continue the business of BNP Residential Properties Inc., which went private 5 years ago when it sold to Australian investment firm Babcock & Brown Residential LLC.

Ginkgo’s Chief Executive Officer Philip Payne and Chief Operating Officer D. Scott Wilkerson said the company will “pursue an aggressive acquisition program” in order to bolster their portfolio with mid-market apartments. “We typically do not face significant competition from other institutional multifamily real estate buyers for acquisitions in our target markets, as these buyers tend to focus on luxury properties in select gateway or coastal markets outside the southern U.S.,”  the company stated in the filing.

Source: http://www.bloomberg.com/news/2012-03-19/apartment-reit-ginkgo-residential-plans-initial-public-offering.html

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