The $2 billion follow-on offering for Black Creek Industrial REIT IV Inc., a publicly registered non-traded real estate investment trust, has been declared effective by the Securities and Exchange Commission.
The follow-on offering is comprised of $1.5 billion of Class T, Class W, and Class I shares of common stock and $500 million of distribution reinvestment plan shares priced at approximately $10.06.
Class T shares are priced at approximately $10.52 and investors will pay upfront selling commissions of up to 2 percent, upfront dealer manager fees of up to 2.5 percent to Black Creek Capital Markets, and an ongoing distribution fee of 1 percent.
Class W shares are priced at approximately $10.05 and have a 0.5 percent distribution fee but no selling commissions or dealer manager fees.
Class I shares are priced at approximately $10.05 and have no distribution fee, selling commissions or dealer manager fees.
Black Creek Industrial REIT IV’s initial public offering commenced in February 2016 and closed on September 5, 2019 after raising $436.3 million in investor equity. As of June 30, 2019, the REIT owned a 5.7 million-square-foot real estate portfolio of 34 industrial buildings purchased for approximately $605.3 million