Comrit Completes Unsolicited Tender Offer for Shares of CIM Real Estate Finance Trust

Comrit Investments 1 LP, a Tel Aviv-based investment fund, has completed its unsolicited tender offer for shares of CIM Real Estate Finance Trust.

Comrit Investments 1 LP, a Tel Aviv-based investment fund, has completed its unsolicited tender offer for shares of CIM Real Estate Finance Trust, a publicly registered non-traded real estate investment trust.

Comrit purchased nearly 1.1 million shares for $5.01 each. The company offered to buy up to 18.3 million shares of the REIT, which has a net asset value per share of $7.20 as of March 31, 2021. Comrit now owns a total of approximately 2.3 million shares, or 0.6 percent of the outstanding.

CIM Real Estate Finance Trust recently announced plans to acquire CIM Income NAV Inc., an affiliated non-traded REIT, in a stock-for-stock merger transaction. The transaction would create a commercial credit-focused REIT with approximately $6 billion in total enterprise value and $3.2 billion equity value, if approved by shareholders.

In December 2020, CIM Real Estate Finance Trust completed stock-for-stock merger transactions with two other affiliated non-traded REITs, Cole Office & Industrial REIT and Cole Credit Property Trust V.

CIM Real Estate Finance Trust primarily owns and operates a portfolio of core commercial real estate assets consisting of net leased properties and a portfolio of commercial mortgage loans. The REIT launched its offering in January 2012 and raised more than $3 billion prior to closing in April 2014.

As of June 30, 2021, the REIT’s investments included a loan portfolio with 247 loans at a net book value of $1.3 billion, investments in real estate-related securities totaling $42.1 million, and a $3.7 billion property portfolio with 469 properties.

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