Colony Financial Inc. in Los Angeles plans to sell common stock in a public offering that could raise up to $284 million.

The $390.5 million-asset company is looking to sell stock at $18.50 a share in an offering set to close Wednesday. Colony could sell more than 15.2 million shares, including overallotment. Other shareholders plan to sell an additional 750,000 shares, Colony said.

Colony intends to use the proceeds from the offering to buy assets and for working capital, among other things.

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