CIM Real Estate Finance Trust Urges Stockholders to Reject $4.21 Tender Offer

CIM Real Estate Finance Trust Inc., a publicly registered non-traded real estate investment trust, announced that their board of directors has recommended to stockholders that they reject an unsolicited tender offer from Comrit Investments 1 LP, a Tel Aviv-based investment fund.

As The DI Wire previously reported, Comrit made a filing with the SEC in September 2023 to launch an unsolicited tender offer.

Comrit’s offer is to purchase up to 22 million shares of common stock at a purchase price equal to $4.21 per share.

According to CIM, Comrit’s offer is “not in the best interests of the company’s shareholders.”

Comrit currently owns approximately 5.2 million shares of the CIM REIT’s common stock, or 1.2% of the common stock as of Aug. 4, 2023.

CIM Real Estate Finance Trust estimated its per share NAV at $6.57 as of Sept. 30, 2022, or approximately 36% more than the Comrit offer. The REIT’s shares recently sold on LODAS Markets for $4.20 per share.

CIM Real Estate Finance Trust primarily owns and operates a portfolio of core commercial real estate assets consisting of net leased properties and a portfolio of commercial mortgage loans. The REIT launched its offering in January 2012 and raised more than $3 billion prior to closing in April 2014.

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