Miami Beach-based REIT Exchange Fund Inc. (RXF) has commenced an offer to exchange its common shares for shares currently held by investors in 33 non-traded, U.S. Securities and Exchange Commission registered real estate investment trusts (REITs).
The nominal value of RXF's common shares in the exchange offer is $25; RXF intends to list its shares on the New York Stock Exchange under the ticker symbol ‘RXF.’
‘Our goal, by aggregating shareholdings of registered non-traded REITs, is to create a portfolio of the most attractive and diversified American real estate available as a publicly traded closed-end fund,’ says Nathan Leight, CEO of RXF and founder of Spring Asset Management LLC, RXF's investment advisor. ‘Furthermore, we believe RXF offers a unique opportunity to simultaneously provide liquidity for investors in non-traded REITs while supporting issuers' business model. Our objective is to be a constructive new member of the non-traded REIT market.’