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Industrial Property Trust Preps $600 Million Follow-on Offering

Industrial Property Trust Inc., a publicly registered non-traded real estate investment trust, has filed an S-11 with the Securities and Exchange Commission for a proposed $600 million follow-on offering to meet its capital raising goals.

IPT said that it does not intend on registering new shares for the follow-on, but instead, plans to carry forward any unsold securities registered in its current public offering.The company seeks to offer $450 million in class A and class T shares and $150 million in distribution reinvestment plan shares.

Like in the initial public offering, Class A shares will be sold for $10.44 each, and will include a 7 percent sales commission, a 2.5 percent dealer manager fee, and no distribution fee. Class A DRIP shares will be priced at $9.92 each.

Class T shares will be offered for $9.83 each with a 2 percent sales commission, a 2 percent dealer manager fee, and a 1 percent distribution fee. Class T DRIP shares will be priced for $9.83 per share.

The REIT’s initial public offering commenced in July 2013, and as of July 6, 2016, raised a total of $1.3 billion from the sale of common stock and DRIP shares. The company said that its goal is to raise approximately $1.8 billion in the primary offering.

Industrial Property Trust invests in distribution warehouses and other industrial properties and owns or has interest in a portfolio of 218 industrial properties with a total purchase price of $2.5 billion.

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