Comrit Investments 1 LP, a Tel Aviv-based investment fund, has launched an unsolicited tender offer to purchase up to 5 million shares of AR Global’s Healthcare Trust Inc., a non-traded real estate investment trust, for $8.61 per share. The offer expires on April 30, 2020.
In April 2019, the Healthcare Trust board approved a $17.50 net asset value per share as of December 31, 2018. Shares were originally sold for $25.00 each, and distributions are paid at an annual rate of $0.85 per share, or approximately $0.07 per month per share.
Comrit and its affiliates currently own approximately 189,872 Healthcare Trust shares, or approximately 0.2 percent of the outstanding. Comrit would pay nearly $43.1 million if all shares in the current offer are tendered.
Healthcare Trust invests in multi-tenant medical office buildings and owned a portfolio of 193 properties, as of the third quarter of 2019. The company’s primary offering was declared effective by the SEC in February 2013 and closed in November 2014 after raising $2.2 billion in investor equity.