Black Creek Industrial REIT IV Inc., a publicly registered non-traded real estate investment trust, has registered a follow-on offering of up to $2 billion in shares of common stock.
The offering includes up to $1.5 billion of Class T, Class W and Class I shares under the primary offering and up to $500 million of distribution reinvestment plan shares. The company plans to use the proceeds to invest in distribution warehouses and other industrial properties that are leased to creditworthy corporate customers.
Each share class will be sold at a price equal to the most recently disclosed monthly NAV per share, plus selling commissions and dealer manager fees when applicable. The company’s most recent NAV per share was $10.06, as of November 30, 2018.
Class T shares, which are available to the general public, are expected to include a 2.0 percent selling commission, a 2.5 percent dealer manager fee, and a 1.0 percent ongoing distribution fee.
Class W shares, available through fee-based programs known as wrap accounts, have no selling commissions or dealer manager fees, and include a 0.5 percent distribution fee.
Class I shares, available to institutional investors, have no selling commission, dealer manager or distribution fees.
Black Creek Capital Markets LLC serves as the dealer manager for the offering, and BCI IV Advisors LLC serves as the advisor.
Black Creek Industrial REIT IV’s initial public offering was declared effective by the SEC in July 2017 and raised approximately $212.3 million in investor equity, including DRIP proceeds, as of December 15, 2018. The company oversees a portfolio of seven properties with an investment cost of $151 million, according to Summit Investment Research.