GlobeSt.com has updated the story here. Briefly, ETRE REIT went past the SEC's 135-day rule and had to pull its IPO. Its purchase of 1201 Connecticut Ave. is now unclear since the purchase agreement is dated May 15.
WASHINGTON, DC—ETRE REIT, a company based in New York City that planned to price an initial public offering this week, is delaying its listing.
REIT listed on NASDAQ following its February filing with the Securities and Exchange Commission for an initial public offering. The stock, ECAV, was expected to begin trading this week somewhere between $14 and $16 per unit.
The REIT was going to try out a new model in which the individual commercial real estate properties would be held by a separate property-owning subsidiary owned by a separate series of limited liability company interests, or Series.
Washington DC was to be the site of its first offering, Series A-1, giving investors an indirect interest in 1201 Connecticut Ave. NW, a building that a subsidiary of Mack-Cali Realty Corp. is selling to ETRE for approximately $85.1 million.
It is unclear why it pulled its listing. GlobeSt.com has a call out to ETRE REIT for clarification.
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