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AmeriVest Planning Additional Stock Offering

DENVER-AmeriVest Properties, the office REIT that focuses exclusively to small- and medium-sized tenants, hopes to raise nearly $14 million. The money could pay down debt or be used to acquire properties.

By John Rebchook | Updated on July 12, 2001

DENVER-Locally-based AmeriVest Properties is hoping to raise nearly $14 million by selling as many as an additional 2.3 million shares, according to Securities and Exchange Commission documents obtained by GlobeSt.com. The 2.3 million shares includes 300,00 shares to cover any over-allotment.

The SEC filing shows a proposed offering price of $6 per share, which would raise $13.8 million before expenses. However, the actual price hasn’t yet been determined by Washington, DC-based Ferris Baker Watts Inc., which will underwrite the offer. The stock, which trades under the symbol AMV, recently has traded from about $5.75 to $6.20 a share.

Money raised from the offering could be used to purchase additional properties or to reduce short-term debt, according to the SEC document.

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