Bank Of America Merrill Lynch Private REIT Offering
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Last month, Bank of America Merrill Lynch (BAC) became the first major bank to make a private REIT available to clients of its investment advisory business. The REIT offering: Jones Lang LaSalle Income Property Trust, formerly known as Excelsior LaSalle Property Fund Inc.
Jones Land LaSalle Income Property Trust became available in November to clients of Bank of America Merrill Lynch network of 17,500 investment advisors for a purchase price of $10.00 per share.
News of the offering has poured in over the past week, as financial media outlets speculate who will follow Bank of America into the world of private REITs. The non-traded REIT sector has traditionally been relegated to smaller broker/dealer networks, and the entrance of the major wirehouse Bank of America has been an interesting development. Under the current agreement with Jones Lang LaSalle , Bank of America's advisors have the right to sell shares of the REIT between November and April. Following Bank of America's period of exclusivity, ending in April, other firms will be able to market and sell the investment through their own networks of advisors. READ FULL ARTICLE HERE