Comrit Investments 1 LP, a Tel Aviv-based investment fund, has completed its unsolicited tender offer for shares of Benefit Street Partners Realty Trust, a publicly registered non-traded real estate investment trust.
Comrit purchased approximately 116,740 shares for $11.02 each. The company offered to buy up to 2.3 million shares of the REIT, which has a net asset value per share of $17.88 as of September 30, 2020, and a GAAP book value per share at $17.94 as of December 31, 2020. Shares were originally priced at $25.00 each.
Including shares purchased in previous tender offers, Comrit now owns approximately 413,240 shares, or approximately 0.9 percent of the REIT’s total outstanding.
Benefit Street Partners Realty Trust originates, acquires and manages a portfolio of commercial real estate debt investments secured by properties located within and outside the United States. The company commenced operations in May 2013, and as of the first quarter of 2021, had total assets of approximately $3.6 billion. The company had 44.1 million shares outstanding as of March 31, 2021.
Formerly known as Realty Finance Trust and managed by AR Global, Benefit Street took over as the company’s new advisor at the end of September 2016. The advisor is a wholly-owned subsidiary of Franklin Resources Inc.