Dividend Capital to Close Industrial Property Trust
August 17, 2016 | by Beth Glavosek | Blue Vault
On August 15, Dividend Capital announced its intent to close its Industrial Property Trust by December 21, 2016 or when it has raised an additional $500 million in capital, whichever is first.
Industrial Property Trust was formed in August 2012 to invest primarily in high-quality distribution warehouses and other industrial properties leased to creditworthy corporate customers. In July 2013, it commenced an initial public offering of up to $2.0 billion in common stock, including dividend reinvestment.
As of June 30, the REIT had raised gross proceeds of approximately $1.3 billion and owned a portfolio of 218 industrial buildings in 27 U.S. markets, with a total square footage of 34.4 million.
