TPG RE Finance Trust (TRTX), a mortgage REIT managed by TPG that focuses on commercial real estate debt, is expected to IPO on Thursday (7.20). The New York, NY-based company plans to offer 11 million shares priced between $20 and $21 and expects to raise $225.5 million. The REIT is currently managed by an affiliate of the PE firm TPG and will continue to be managed by this affiliate after the IPO.
Assuming TPG RE Finance Trust prices at the mid-point of its proposed price range, it would command a fully diluted market cap value of $1.25B.
Underwriters for the IPO include: Barclays, Morgan Stanley, J.P. Morgan, Deutsche Bank, Wells Fargo Securities, Goldman Sachs, Citi and BofA Merrill Lynch.
Company Overview
Founded in 2014, TPG RE Finance Trust is a mortgage REIT for commercial real estate securities. The company originates and manages commercial loans in large metropolitan areas in the US; 73% of its assets are underpinned to properties in the 10 largest metropolitan areas.
The commercial real estate company directly creates, acquires and oversees commercial mortgage loans in addition to other commercial real estate-related debt instruments for its balance sheet. The mREIT’s mission it to provide attractive risk-adjusted returns to its stockholders via capital appreciation and cash distributions.
As of its IPO, its portfolio consisted of four mezzanine loans and 54 first mortgage loans with aggregate unpaid principal balances of $58.5 million and $2.6 billion, respectively.
Executive Management
Greta Guggenheim is currently the Chief Executive Officer, President, and Director of TPG RE Finance Trust, Inc. She also serves as the Chairman and President of Guggenheim, Inc. as well as President and Chief Financial Officer of Ladder Capital Realty Finance, Inc. Her prior experience includes positions at Ladder Capital Finance, Dillon Read Capital Management, and Bear Stearns & Co. Ms. Guggenheim graduated from Swarthmore College, where she earned a B.A. in Economics & Spanish Literature. She also holds a Master of Business Administration from The Wharton School of the University of Pennsylvania.
