Hudson Pacific Properties Announces Share Offering, Shares Dip 3%

Shares of

fell more than 3 percent Wednesday morning after the vertically integrated real estate company

the pricing of common stock offering. Hudson Pacific Properties said that it plans on offering to sell 10.6 million shares of its common stock and expects to receive proceeds of $295.4 million (before deducting underwriting discounts and commissions). The company added that 10.117 million shares will be offered by the company and 482,777 shares will be offered by funds affiliated with Farallon Capital Management. Hudson Pacific Properties noted that it will use the proceeds from the offering to acquire an aggregate of 10 million common units of limited partnership interest in its operating partnership, Hudson Pacific Properties, from certain entities affiliated with The Blackstone Group. Upon completion of the transaction, Blackstone and Farallon will own approximately 36.6 percent and 2.7 percent of Hudson Pacific, respectively.