Comrit Investments 1 LP, a Tel Aviv-based investment fund, has completed its unsolicited tender offer to purchase up to 9 million shares of CNL Healthcare Properties Inc., a non-traded real estate investment trust.
CNL Healthcare had a net asset value per share of $7.81 as of December 31, 2019, and Comrit purchased nearly 340,000 shares for $4.66 each.
The REIT’s previous NAV per share was $7.99 as of December 31, 2018 and reflects a $2.00 per share special distribution paid in May 2019 and $0.02 adjustments relating to closing costs from certain asset sales. Shares originally sold for $10.00 each.
Prior to the tender offer, Comrit and its affiliates did not own any shares of the REIT.
CNL Healthcare Properties closed its offering in September 2015 after raising more than $1.7 billion in investor equity. As of December 31, 2019, the company’s multi-billion-dollar real estate portfolio consisted of interests in 74 properties, including 71 senior housing communities, one vacant land parcel and two acute care hospitals classified as held for sale.