American Assets Trust is raising a total of about $525 million in an initial public offering (IPO), Bloomberg reports. The U.S. real estate investment trust (REIT) will sell 27.5 million shares at $19- $21 per share. The proceeds from the offering will be used by the investment trust to pay debt and trim the property trust’s liabilities to $923 million. Bank of America, Wells Fargo and Morgan Stanley are the lead underwriters for the sale.

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