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Industrial Logistics Properties Trust Prices IPO Of 20 Mln Shares At $24/share

Industrial Logistics Properties Trust (ILPT) announced late Thursday that it has priced an initial public offering of 20 million common shares of beneficial interest at $24.00 per share.

The settlement of this offering is expected to occur on January 17. The underwriters have a 30 day option to purchase up to an additional 3 million shares to cover overallotments, if any.

All the shares are being offered by ILPT. ILPT intends to set aside approximately $2 million of the net proceeds from the offering for working capital and use the balance of such proceeds to reduce the amount outstanding under its credit facility.

UBS Investment Bank, Citigroup, RBC Capital Markets, BofA Merrill Lynch, Morgan Stanley and Wells Fargo Securities are the joint book running managers for the offering.

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