Merrill Lynch sells nontraded REIT, citing mass-affluent demand

01/2/2013 | InvestmentNews (free registration)

Bank of America Merrill Lynch has begun selling the Jones Lang LaSalle Income Property Trust, a nontraded real estate investment trust. The offering marks the first time a major wirehouse has sold a nontraded REIT. "We believe there is significant demand for an attractive, direct core real estate investment product among mass-affluent investors," said Keith Glenfield, head of alternative investments at Merrill Lynch.

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