Comrit Investments 1 LP, a Tel Aviv-based investment fund, has launched an unsolicited tender offer to purchase up to 9 million shares of CNL Healthcare Properties Inc. for $4.66 per share. The offer expires on September 18, 2020.
CNL Healthcare, a publicly registered non-traded real estate investment trust, had a net asset value per share of $7.81 as of December 31, 2019.
The REIT’s previous NAV per share was $7.99 as of December 31, 2018 and reflects a $2.00 per share special distribution paid in May 2019 and $0.02 adjustments relating to closing costs from certain asset sales. Shares originally sold for $10.00 each.
Comrit and its affiliates do not own any shares of the REIT. Their current tender offer constitutes approximately 5.2 percent of the outstanding shares of CNL Healthcare common stock, and if all shares are tendered, Comrit would pay $41.9 million.
CNL Healthcare Properties closed its offering in September 2015 after raising more than $1.7 billion in investor equity. As of December 31, 2019, 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.