Welsh Property Trust, Inc. Withdraws IPO, Cites Unfavorable Market Conditions

MINNETONKA, Minn., July 1 /PRNewswire/ -- Welsh Property Trust, Inc. (the "Company") today withdrew plans for its initial public offering, citing unfavorable market conditions as the primary factor in their decision to withdraw their registration statement.

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In an offensive move to take advantage of commercial real estate acquisition opportunities, Welsh Property Trust filed a registration statement for a proposed initial public offering on March 3, 2010. The strategy was employed in an effort to source lower-priced capital to finance the purchase of additional real estate.

"We have a strong company that we believe was well-positioned to take advantage of the buying opportunities available in the market today and to deploy offensive capital. Unfortunately, the conditions in the IPO market have proven unfavorable," said Dennis Doyle, CEO, Welsh. "After facing challenging public market conditions, we decided that it would be in the best interest of our existing investors to cancel the offering."

Welsh will continue to own and operate commercial real estate, while providing the gamut of commercial real estate services to third-party clients, as they have for the past 33-years. The company will continue to evaluate their options related to the purchase of additional real estate.

More companies in the United States this year have cancelled or postponed IPOs than have actually gone public, according to Thomson Reuters. A total of 67 companies have gone public in 2010, four of which were REIT's, as compared to 71 who have delayed or cancelled their offerings.

About Welsh

Welsh is a full-service commercial real estate company headquartered in the Twin Cities with regional offices in Minneapolis and St. Paul; Chicago, Illinois; St. Louis, Missouri; Detroit, Michigan; and Cincinnati, Ohio. The Welsh organization consists of more than 300 professionals whose expertise extends into every aspect of commercial real estate including office, industrial, retail, multifamily, land and investment brokerage, corporate services, property management, facility management, construction, architecture, development, financing and investment services. The brokerage division, NAI Welsh, is an affiliate of NAI Global, a multinational network of skilled commercial real estate professionals strategically located in 325 markets worldwide. To learn more about Welsh, go to www.welshco.com, view our blog or visit us on Twitter.

SOURCE Welsh Property Trust, Inc.