Comrit Completes Tender Offer for InvenTrust Shares
Comrit Investments 1 LP, a Tel Aviv-based investment fund, has completed its unsolicited tender offer for up to 37 million shares of InvenTrust Properties Corp. at $1.83 each. The offer expired on December 27, 2018.
Comrit Investments 1 LP, a Tel Aviv-based investment fund, has completed its unsolicited tender offer for up to 37 million shares of InvenTrust Properties Corp. at $1.83 each. The offer expired on December 27, 2018.
Comrit purchased nearly 1.5 million shares in the latest offer, and now owns 1.9 million shares of the REIT, or approximately 0.3 percent of the total outstanding shares.
InvenTrust, a publicly registered non-traded real estate investment trust formerly known as Inland American Real Estate Trust, had an estimated net asset value per share of $3.14 as of May 9, 2018.
Last month, the REIT’s board recommended that shareholders reject Comrit’s offer as “the price is less than the current and potential long-term value of the shares of the company.”
InvenTrust Properties invests in open air retail centers in growth markets. The company’s offering was declared effective in August 2005 and closed in April 2009 after raising $8.4 billion, according to Summit Investment Research. The company became a self-managed REIT in 2014 and oversees a $3.7 billion portfolio of 63 retail properties, as of the second quarter of 2018.
