Home News CMG Completes Tender Offer for KBS REIT II Shares

CMG Completes Tender Offer for KBS REIT II Shares

KBS Real Estate Investment Trust II Inc., a publicly registered non-traded REIT, reported that CMG Income Fund II LLC, CMG Acquisition Co. LLC, and CMG Partners LLC, concluded their November tender offer to purchase up to 10 million shares of the company’s common stock for $3.60 per share.

The offer resulted in the tender by shareholders and acceptance for payment of 451,284 shares from four sellers.

Upon closing, the CMG group will own a total of 850,297 shares, or approximately 0.45 percent of the total outstanding shares.

The KBS REIT II board of directors previously recommended that investors reject the tender offer noting that the offer price is less than the current value of the shares, which was updated to $5.62 per share last month.

KBS Real Estate Investment Trust II owns 12 real estate properties (consisting of 10 office properties, one office/flex property and an office campus consisting of eight office buildings). The total appraised value of the company’s real estate properties as of September 30, 2015 was $1.54 billion.


For more KBS related news, visit their Directory Page here.