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Aviv REIT raises $264M from IPO of 13.2M shares

CHICAGO (AP) -- Aviv REIT has raised $264 million from its initial public offering of 13.2 million shares of common stock.

The real estate investment trust said Thursday that it priced the offering at $20 per share, at the high end of its expected price range of $18 to $20 per share.

Aviv REIT is giving the underwriters an option to buy up to an additional 2 million shares to cover any excess demand.

The company said that it plans to use the offering's net proceeds to pay back some debt and will use the rest of the net proceeds for general corporate purposes such as potential acquisitions.

The offering is expected to close on Tuesday.

Shares of Aviv REIT Inc., which is based in Chicago, are expected to start trading on the New York Stock Exchange on Thursday under the "AVIV" ticker symbol.