SEC Exempts REIT from Tender Offer Requirements

The SEC Division of Corporation Finance (the "Division") granted no-action relief to Black Creek Diversified Property Fund Inc. ("Black Creek"), a Maryland-based real estate investment trust.

The no-action relief permits Black Creek to adopt a "New Redemption Program" that will give stockholders the option of redeeming shares of common stock on a monthly basis. The New Redemption Program was developed in order to provide liquidity for stockholders in connection with a revised public offering plan. The Division determined that the program would not constitute an issuer tender offer, subject to Exchange Act Rule 13e-4.

The Division granted the relief on the basis of various representations set forth in a request letter from Black Creek's counsel.