Rich Uncles Files IPO to Raise Up to $1B for Crowdfunding REIT
Ray Wirta, Chairman of RichUncles.com
Rich Uncles is going public in a bid to get even richer. Rich Uncles LLC, a California-based real estate investment firm, has filed for an IPO to raise up to $1B for a crowdfunding REIT. Rich Uncles, which is looking to qualify as a REIT, will offer 100M shares at $10 a share, according to recent SEC filings. Nearly all of the net proceeds will be used to acquire and manage a portfolio of investments, focusing on single-tenant, income-producing corporate properties, according to the Orange County Business Journal. Rich Uncles was founded by Ray Wirta, formerly of CBRE and Irvine Company, and Harold Hoffer, an attorney who previously owned a boutique real estate firm. The company currently owns 25 properties throughout California and more than 11,000 members. [OCBJ]
