Comrit Investments 1 LP, a Tel Aviv-based investment fund, has made a filing with the SEC to launch an unsolicited tender offer to purchase shares of CIM Real Estate Finance Trust Inc., a publicly registered non-traded real estate investment trust.
As The DI Wire previously reported, Comrit made a filing with the SEC indicating their intent to launch an unsolicited tender offer in March 2023.
Comrit’s potential offer includes the purchase of up to 22 million shares of CIM Real Estate Finance Trust Inc. for $4.57 per share.
Comrit currently owns approximately 3.1 million shares of the CIM REIT’s common stock, or 0.7% of the common stock as of Nov. 8, 2022.
CIM REIT estimated its per share NAV at $6.57 as of Sept. 30, 2022, and recently sold on LODAS Markets for $5.42 per share.
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 The DI Wire reported in January 2023, CIM entered into an agreement to sell 185 single-tenant net lease properties for approximately $894 million to Realty Income Corporation (NYSE: O). Prior to this, Comrit launched tender offers for up to 22.4 million shares of CIM Real Estate Finance Trust Inc. for $4.61 per share in November 2022.
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