IPO

Grubb & Ellis Healthcare REIT II extends IPO

AP News
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Posted: Jun 07, 2011 4:56 AM
Grubb & Ellis Healthcare REIT II extends IPO

Grubb & Ellis Healthcare REIT II Inc. has extended its initial public offering by 12 more months.

The IPO, which launched at the end of the third quarter of 2009, was scheduled to end on Aug. 24. It now will run through Aug. 24, 2012.

As of May 31, Grubb & Ellis Healthcare REIT II has sold about 26.3 million shares for roughly $262.8 million. To date, the company has made 21 acquisitions comprised of 48 buildings valued at about $336 million.

Meanwhile, the company said it has renewed its advisory and dealer manager agreement with subsidiaries of its sponsor, commercial real estate firm Grubb & Ellis Co.

Grubb & Ellis Healthcare REIT II is seeking to raise up to $3 billion in equity and acquire a portfolio of real estate assets mainly focused on medical office buildings and other healthcare-related facilities.