Comrit Investments 1 LP, Tel Aviv-based investment fund, has completed its unsolicited tender offer for shares of American Realty Capital New York City REIT, a non-traded real estate investment trust sponsored by AR Global.
Comrit purchased approximately 124,800 shares for $16.02 per share for $2 million, and now owns a total of 170,000 shares, or approximately 0.54 percent of the outstanding shares.
To deter Comrit from purchasing shares, ARC NYC REIT launched its own tender offer for 140,000 shares at $17.03 each. The REIT and Comrit bid up the share price in recent weeks beginning with Comrit’s initial unsolicited tender offer to purchase up to 1.6 million shares of ARC NYC REIT at $14.68 each.
ARC NYC REIT has an estimated a net asset value per share of $20.26 as of June 30, 2017. Shares were originally sold for $25.00 each.
American Realty Capital New York City REIT invests in properties located in the five boroughs of New York City, with a focus on Manhattan. The company closed its offering in May 2015 and raised a total of $772 million in investor equity, as of the third quarter of 2017, and owns six properties with an investment cost of $725 million, according to Summit Investment Research.