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Sep 12 2017

Everest REIT Investors Commences KBS Strategic Opportunity REIT Tender Offer

Everest REIT Investors I LLC, a private real estate investment firm, has offered to pay $6.2 million to purchase up to 600,000 shares of KBS Strategic Opportunity REIT common stock for $10.25 per share. The offer, which constitutes 1.1 percent of the outstanding shares, is expected to expire on October 16, 2017 at 5:00 p.m. PST.

KBS Strategic Opportunity REIT recently announced a $50 million self-tender offer that is expected to commence on September 14, 2017. The company is offering to purchase up to approximately 3.6 million shares of common stock for $14.07 per share. The offering price is 95 percent of the most recent estimated value per share of $14.81.

Everest REIT Investors has previously conducted unsolicited tender offers for shares of KBS Legacy Partners Apartment REIT, KBS REIT I, KBS REIT II, and KBS REIT II.

KBS Strategic Opportunity REIT went effective in November 2009 and closed its primary offering three years later after raising $574 million in investor equity. As of the second quarter 2017, the company owned 20 properties with an investment cost of $1.2 billion, according to Summit Investment Research.

For more KBS related news, visit their directory page here.

Article by: The DI Wire

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