Inland goes REIT, intends to raise $1.8 billion
Maryland-based Inland Core Assets Real Estate Trust will attempt to raise $1.8 billion from investors to acquire a portfolio of commercial real estate throughout the U.S., according to a recent filing with the Securities and Exchange Commission. The company will offer 150 million shares at $10 per share through its deal manager Inland Securities Corp. It will also offer up to 30 million shares at $9.50 per share to investors who elect to participate in a distribution reinvestment plan. The company expects to be taxed as a REIT. Inland is currently registered as a nontraded REIT but has not yet been approved by the SEC. It will focus on retail properties, office buildings, multifamily and warehouse properties. Investors must purchase a minimum of 300 shares. Write to Jon Prior. Follow him on Twitter @JonAPrior.