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 where it sought to purchase up to 16 million shares of CIM Real Estate Finance Trust.

Comrit Investments 1 LP, a Tel Aviv-based investment fund, has completed its unsolicited tender offer where it sought to purchase up to 16 million shares of CIM Real Estate Finance Trust, a publicly registered non-traded real estate investment trust. Comrit’s offer price was $4.50 per share and it purchased roughly 896,200 shares.

Comrit’s offer price of $4.50 per share is 38 percent less than the REIT’s most recent net asset value per share of $7.31, as of June 30, 2020. The REIT’s shares were originally priced at $10.00 each.

Combined with its previous tender offers, Comrit now owns a total of approximately 1.16 million shares of CIM Real Estate Finance Trust, or 0.3 percent of the total outstanding.

CIM Real Estate Finance Trust primarily invests in net lease assets and commercial real estate debt. In late December 2020, the company completed stock-for-stock merger transactions with two affiliated non-traded REITs, Cole Office & Industrial REIT and Cole Credit Property Trust V. Through the mergers, the REIT acquired 146 properties totaling 3.8 million square feet, all of which had a total gross real estate value of approximately $763 million.

As of December 31, 2020, CIM Real Estate Finance Trust owned 516 properties, totaling 21.3 million square feet with a carrying value of nearly $3.3 billion. In addition, it has a loan portfolio of 206 loans with a net book value of $892.3 million, and investments in real estate-related securities of $38.2 million. The REIT raised $3.6 billion in investor equity before organization and offering costs, selling commissions and dealer manager fees of $306 million, as of December 31, 2020.

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