Comrit Investments 1 LP, a Tel Aviv-based investment fund, has launched an unsolicited tender offer to purchase up to 8.9 million shares of CNL Healthcare Properties Inc. for $4.66 per share. The offer expires on April 30, 2022.
CNL Healthcare, a publicly registered non-traded real estate investment trust focused on senior housing, has an estimated net asset value per share of $7.38, as of December 31, 2020.
From previous tender offers, Comrit and its affiliates own 2.7 million shares of CNL Healthcare common stock, or approximately 1.6 percent of the outstanding shares as of November 11, 2021.
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 $41.5 million.
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 73 properties, including 71 senior housing communities, one vacant land parcel and one acute care property.