Los Angeles REIT starts trading Thursday
Hudson Pacific Properties Inc., a real estate investment trust founded by Los Angeles investor Victor Coleman, said Wednesday that it had priced its initial public stock offering at $17 a share and would start trading Thursday on the New York Stock Exchange under the symbol HPP.
The company sold 12.8 million shares and raised $218 million, according to a filing with the Securities and Exchange Commission and Bloomberg data. The company said it intended to use the proceeds to repay mortgage debt, fund acquisitions and for general corporate and working capital purposes.
Hudson Pacific owns several Southern California office buildings and specializes in buying properties catering to the entertainment industry. Among its largest holdings are Sunset Gower Studios and Sunset Bronson Studios, two of Hollywood’s oldest venues for making motion pictures and television shows.
Chairman and Chief Executive Coleman is the former president of Arden Realty Inc., a Los Angeles office landlord that was purchased by General Electric Co. in 2006 for $3.2 billion.
-- Roger Vincent