Comrit Investments 1 LP, Tel Aviv-based investment fund, has launched an unsolicited tender offer to purchase 2.3 million shares of Benefit Street Partners Realty Trust for $11.02 per share. The offer expires on May 31, 2021.
Benefit Street Partners Realty Trust, a publicly registered non-traded real estate investment trust, has a net asset value per share of $17.88, as of September 30, 2020, and a GAAP book value per share at $17.94 as of December 31, 2020.
Combined with its other tender offers, Comrit now owns approximately 296,500 shares of Benefit Street Partners Realty Trust, or approximately 0.7 percent of the total outstanding common stock as of February 28, 2021.
The latest offer constitutes approximately 5.2 percent of the outstanding shares, and if all shares sought by Comrit are tendered, it would pay roughly $25.3 million.
Benefit Street Partners Realty Trust originates, acquires and manages a portfolio of commercial real estate debt investments secured by properties located within and outside the United States.
The company commenced operations in May 2013, and as of the fourth quarter of 2020, had approximately $3 billion of assets under management. Formerly known as Realty Finance Trust and managed by AR Global, Benefit Street took over as the company’s new advisor at the end of September 2016. The advisor is a wholly-owned subsidiary of Franklin Resources Inc.