Industrial Property Trust Inc., a publicly registered non-traded real estate investment trust, has withdrawn its pre-effective registration statement for a $600 million follow-on offering filed with the Securities and Exchange Commission in July 2016.
Industrial Property Trust has decided not to pursue the sale of the securities covered by the registration statement, the filing said. The company closed its initial public offering in June 2017 after raising $1.7 billion in investor equity. Shares were originally sold for $10.00 each and have a current net asset value of $11.11 each.
In other company news, earlier this year, Reuters reported that the company was exploring strategic options, including a potential sale or equity recapitalization. The company purportedly engaged an investment bank to gauge the interest of potential buyers, including private equity firms, public pension plans, and other large real estate investors.
Industrial Property Trust is managed by Denver-based Black Creek Group, formerly Dividend Capital, and focuses on distribution warehouses and other industrial properties that are leased to creditworthy corporate customers.
As of the close of the second quarter 2018, IPT had raised approximately $1.8 billion in investor equity since its offering was declared effective in July 2013. The company’s $3.7 billion portfolio consists of 295 industrial properties totaling nearly 49.7 million square feet.