MacKenzie Completes Apple REIT Ten Tender Offer

MacKenzie Realty Capital Inc., a publicly registered non-traded business development company, purchased 258,911 shares of Apple REIT Ten common stock for $9.18 per share.

In April, Apple REIT Ten, a non-traded real estate investment trust, announced its $1.3 billion merger agreement with Apple Hospitality REIT Inc. (NYSE: APLE) which is expected to close in the third quarter of 2016.

As previously reported by The DI Wire, MacKenzie offered to purchase up to 1 million shares of Apple REIT Ten common stock, and the $9.18 per share purchase price is the highest it has offered, nearly 75 percent higher than its last offer. Following this most recent purchase, MacKenzie now owns a total of approximately 311,295 shares, or approximately 0.36 percent of those outstanding.

MacKenzie Capital Management LP, a real estate investment management business based in Moraga, California, is the sponsor of MacKenzie Realty Capital and has specialized in the area of discounted real estate securities and asset management since its formation in 1982.

For more MacKenzie related news, visit their directory listing here.