Comrit Investments 1 LP, a Tel Aviv-based investment fund, has made a filing with the SEC indicating their intent to launch an unsolicited tender offer to purchase up to 22.4 million shares of CIM Real Estate Finance Trust Inc., a publicly registered non-traded real estate investment trust, for $4.61 per share in cash. Upon the potential launch, the offer is expected to expire on Dec. 29, 2022.
CIM’s most recent estimated net asset value per share was $7.20, as of March 31, 2021.
In February, CIM completed the sale of 44 open-air shopping centers to The Necessity Retail REIT Inc. (Nasdaq: RTL), a publicly traded REIT managed by AR Global and formerly known as American Finance Trust. CIM Real Estate Finance Trust received total consideration of $557 for the 44 properties, the first tranche in a series of transactions that will result in the $1.32 billion sale of CIM REIT’s entire portfolio of shopping centers to RTL.
Last week, Comrit announced its intent to potentially launch an unsolicited tender offer to purchase up to 1.85 million shares of Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust.
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.