Comrit Investments 1 LP, a Tel Aviv-based investment fund, has launched an unsolicited tender offer to purchase up to 8.8 million shares of CNL Healthcare Properties Inc. for $3.66 per share. The offer expires on March 30, 2021.
CNL Healthcare, a publicly registered non-traded real estate investment trust focused on senior housing, plans to announce its annual net asset value per share on March 11, 2021, as reported yesterday by The DI Wire. The REIT’s most recent NAV per share was $7.81, as of December 31, 2019.
Comrit and its affiliates currently own close to 450,000 shares of CNL Healthcare common stock, or approximately 0.3 percent of the outstanding shares. The latest offer constitutes approximately 5.1 percent of the outstanding shares, and if all shares sought by Comrit are tendered, it would pay roughly $32.2 million.
CNL Healthcare Properties closed its offering in September 2015 after raising more than $1.7 billion in investor equity. The company’s multi-billion-dollar real estate portfolio consisted of interests in 74 properties, including 71 senior housing communities, one vacant land parcel and two acute care hospitals classified as held for sale.