Comrit Launches Second Tender Offer for Shares of CNL Healthcare Properties

Comrit Investments 1 LP, a Tel Aviv-based investment fund, has launched another unsolicited tender offer to purchase shares of CNL Healthcare Properties Inc., a publicly registered non-traded real estate investment trust focused on senior housing.

As The DI Wire previously reported, Comrit completed a similar offer in May 2023 where they offered to buy 8.8 million shares for a slightly higher price, $4.36 per share. The offer resulted in the tender by shareholders, and acceptance for payment by the Comrit, of a total of approximately 945,804 shares.

As of this week, Comrit is offering to purchase up to 8.8 million shares of common stock of the company at a price of $4.11 per share. CNL Healthcare announced an estimated net asset value per share of $6.92 as of December 31, 2022.

Shares of CNL Healthcare Properties most recently traded on LODAS Markets, previously known as Realto, for $4.75.

In a letter to CNL Healthcare Properties shareholders, Comrit announced the offer expires on Sept. 6, 2023.

CNL Healthcare Properties closed its offering in September 2015 after raising more than $1.7 billion in investor equity. The company’s real estate portfolio consisted of interests in 72 properties, including 71 senior housing communities and one vacant land parcel.

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