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CommonWealth REIT (NYSE: EQC ) has sold what was left of its stake in Government Properties Income Trust (NASDAQ: GOV ) . The two companies both announced the sale, which saw CommonWealth REIT divest itself of 9.95 million shares of its onetime subsidiary -- a stake of roughly 18% -- in a public offering. The price was $25.20 per share, and the proceeds totaled just over $240 million.
The transaction is expected to be settled on March 15. The joint bookrunning managers on the sale are Citigroup, Bank of America's (NYSE: BAC ) Merrill Lynch unit, and Royal Bank of Canada subsidiary RBC Capital Markets.