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Cole Fund Launches $2.5B Offering

PHOENIX-Sales commence on up to 250 million shares of Cole Real Estate Investments' Credit Property Trust III common stock.

By Amy Wolff Sorter | Updated on December 17, 2008

PHOENIX-Cole Credit Property Trust III Inc. (CCPT III) has launched its $2.5 billion common stock offering. The fund is offering up to 230 million shares of common stock at $10 per share.

The offering will include up to an additional 20 million shares of common stock to be issued under a distribution reinvestment program at $9.50 per share. According to a company press release, net proceeds from the offering will be used to acquire net-lease single-tenant and multi-tenant retail properties. Cole Capital Corp., the fund’s sponsor, will manage the 250 million best efforts offering.

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