Comrit Launches Tender Offer for Shares of CNL Healthcare Properties

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

Comrit is offering to purchase up to 8.8 million shares of common stock of the company at a price of $4.36 per share. CNL Healthare 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.

Currently, Comrit and its affiliates currently own 2,493,680 shares of the REIT’s common stock, or approximately 1.4% of the common stock outstanding as of May 10, 2023.

In a letter to CNL Healthcare Properties shareholders, Comrit did not provide an expiration date to the offer.

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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