In the largest initial public offering of a domestic real estate investment trust, Douglas Emmett Inc. of Santa Monica on Monday sold $1.39 billion worth of its shares.
The company, which owns more than 45 properties in Southern California and Hawaii mostly offices and apartment buildings sold 66 million shares for $21 each, according to Bloomberg news.
The shares will begin trading Tuesday morning on the New York Stock Exchange under the symbol "DEI."
In an Oct. 3 filing with the Securities and Exchange Commission, Douglas Emmett had projected shares to sell in the $19-$21 price range.
The Douglas Emmett IPO beat a 2005 offering by KKR Financial Corp., which clocked in at $910 million.
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