Industrial Property Trust, a publicly registered non-traded real estate investment trust sponsored by Black Creek Group LLC, announced that it would be making a $1.18 per share final liquidating distribution to shareholders after the company sold its remaining investments to Black Creek Industrial REIT IV Inc., an affiliated non-traded REIT.
As reported by The DI Wire yesterday, Black Creek Industrial REIT IV purchased the BTC Partnership Interests, which is comprised of minority interests in two portfolios with 83 industrial properties. The purchase price was $301 million in cash, excluding due diligence expenses and other closing costs.
In connection with the sale, Industrial Property Trust expects to make a final liquidating distribution to stockholders of approximately $1.18 per share by the end of July 2020.
In early 2020, Industrial Property Trust sold its entire real estate portfolio to affiliates of Prologis Inc. (NYSE: PLD) in a deal valued at approximately $4 billion.
Combined with the $12.54 per share special distribution stemming from the Prologis sale, the REIT paid total liquidating distributions, all in 2020, of approximately $13.72 per share. Shares were originally sold for $10.00 each.
Following the sale to Prologis and prior to the onset of the COVID-19 pandemic, the company declared a net asset value per share of $1.25 as of January 8, 2020.
“While not immune from the economic effects of COVID-19 including potentially longer lease-up and stabilization time frames, thankfully the industrial property sector has remained relatively resilient through the past several months, particularly for the types of high-quality assets owned and under development by the BTC Partnerships in which IPT owned an interest,” the company said to advisors who sold REIT shares to clients.
The REIT will soon undertake a dissolution process and wind-up its operations by filing articles of dissolution to terminate its existence.
Industrial Property Trust raised $1.8 billion in investor equity from its launch in 2014 until closing in 2017.