Griffin Capital Essential Asset REIT II Commences Follow-On Offering
September 21, 2017 | Luke Schmidt | Blue Vault
On September 20, 2017, Griffin Capital Essential Asset REIT II, Inc. commenced its follow-on offering of up to $2.2 billion of its common shares after the offering was declared effective by the SEC. The offering consists of up to $2.0 billion of shares in a primary offering and up to $200 million of shares under the Company’s distribution reinvestment plan.
In the offering, the Company will offer to the public four new classes of shares: Class T shares, Class S shares, Class D shares and Class I shares. The Company is offering to sell any combination of Class T, Class S, Class D and Class I shares with a dollar value up to the maximum offering amount. Initial share prices were $9.81 (NAV plus commissions and dealer manager fees) for Class T, $9.81 (NAV plus commissions) for Class S, $9.47 for Class I, and $9.47 for Class D.
Additionally, on September 20, 2017, the Company reclassified all Class T shares sold in their initial public offering as “Class AA” shares and all Class I shares sold in their initial public offering as “Class AAA” shares.
The REIT is offering to the public Class T, S, D and I shares in this primary offering. Class T, S, D and I shares, as well as its IPO shares comprising of Class A, AA and AAA shares, are being offered under the distribution reinvestment plan. As of August 31, 2017, the Company had 76,307,690 IPO shares outstanding.
Griffin Capital Essential Asset REIT II is an unlisted real estate investment trust that now posts a daily net asset value. The REIT portfolio consists of 27 properties totaling $1.12 billion in real estate acquisition value.
Learn more about Griffin Capital Company, LLC on the Blue Vault Sponsor Focus page.
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