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(Reuters) -American Healthcare REIT said on Monday it was aiming to raise up to $840 million in an initial public offering (IPO) in New York.

The move comes against the backdrop of a nascent recovery in the IPO market amid firming bets of a soft landing for the economy. Companies waiting to list their shares have finally started to move ahead with their plans as markets rally.

The recovery, however, still remains uneven. Last week, cancer drug developer CG Oncology saw a warm reception to its shares when it started trading on the Nasdaq, while healthcare firm BrightSpring had a tepid debut.

American Healthcare REIT had initially planned the share sale in 2022, when the U.S. Federal Reserve’s policy tightening had squeezed markets.

The real estate investment trust said it plans to sell 56 million shares priced between $12 and $15 each.

Based in Irvine, California, the REIT owns a portfolio of several clinical healthcare properties including medical office buildings, skilled nursing facilities, hospitals and senior housing facilities.

It employs 112 people and had nearly $4.6 billion of assets as of Sept. 30.

Real estate investments typically provide a better hedge against inflation and market volatility during times of economic turmoil.

But REITs were among the worst performing sectors last year, weighed down by factors ranging from high interest rates to tepid demand for office space in an era of remote work.

BofA Securities and Morgan Stanley are the lead underwriters for American Healthcare REIT’s IPO. The REIT is seeking a listing on the New York Stock Exchange under the symbol “AHR.”

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