KBS Real Estate Investment Trust III Inc. filed for a best-efforts offering covering up to $2.00 billion of its common shares.

The net asset value-based perpetual life REIT is offering up to $1.70 billion of shares in its primary offering and up to $300.0 million of shares under its dividend reinvestment plan. The common shares to be offered will be any combination of class T, S, D and I shares.

The company aims to use the net proceeds to make investments, to provide liquidity to its stockholders and for general corporate purposes.

As of Sept. 30, 2019, its real estate portfolio consisted of 18 office properties and one mixed-use office/retail property totaling about 7.8 million rentable square feet and was collectively 86% occupied.

KBS Capital Markets Group LLC is the dealer manager for the offering, while KBS Capital Advisors LLC is the company's external adviser.