February 10, 2016 | By Mark Heschmeyer | CoStar
KBS Strategic Opportunity REIT Inc., a U.S. public, non-traded real estate investment trust based in Newport Beach, California, filed a public draft prospectus with the Israel Securities Authority for a proposed offering of Series A debentures for a newly formed subsidiary KBS SOR (BVI) Holdings Ltd., which will own all of its properties.
The new REIT is looking to raise between $100 million and $150 million. The debentures will be denominated in Israeli new shekels.
The money would be used to fund ongoing operations, the acquisition of new assets and upgrading of existing assets, and added that it may use the proceeds of the offering to acquire holdings of assets to be transferred into partners.
