Comrit Investments 1 LP, a Tel Aviv-based investment fund, has launched tender offers for up to 1.85 million shares of Inland Real Estate Income Trust Inc. for $12.51 per share and up to 22.4 million shares of CIM Real Estate Finance Trust Inc. for $4.61 per share.
Both offers are expected to expire on Dec. 29, 2022.
Inland REIT’s most recent estimated net asset value per share was $20.20, as of Dec. 31, 2021., while CIM’s most recent estimated net asset value per share was $7.20, as of March 31, 2021. Shares of the REITs most recently traded for $17.20 and $6.20, respectively, on Realto, a secondary trading platform for non-traded securities.
If the total amount of shares sought is purchased, the capital commitment for Inland REIT by Comrit will be approximately $25.9 million.
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.
Inland Real Estate Income Trust Inc., sponsored by Inland Real Estate Investment Corporation, is focused on acquiring grocery-anchored retail assets. The company raised more than $834 million in investor equity via an initial public offering that commenced in October 2012 and concluded in October 2015. As of June 30, 2022, the company owned 52 retail properties located in 24 states.
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.