Comrit Lowers Tender Offer Price for CNL Healthcare Shares

Comrit Investments 1 LP, a Tel Aviv-based investment fund, has made a filing with the SEC to launch an unsolicited tender offer to purchase shares of CNL Healthcare Properties Inc., a publicly registered non-traded real estate investment trust focused on senior housing, and CIM Real Estate Finance Trust Inc., a publicly registered non-traded real estate investment trust.

The DI Wire previously reported that Comrit had intended to launch the tender offers. Subsequent to that report, however, the company has lowered the offering price for CNL Healthcare shares from $4.64 to $4.36 per share. The offer price for CIM Real Estate Finance shares has remained at $4.57 per share.

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 72 properties, including 71 senior housing communities and one vacant land parcel.

CIM Real Estate Finance Trust primarily owns and operates a portfolio of core commercial real estate assets consisting of net leased properties and a portfolio of commercial mortgage loans. The REIT launched its offering in January 2012 and raised more than $3 billion prior to closing in April 2014. As The DI Wire reported in January 2023, CIM entered into an agreement to sell 185 single-tenant net lease properties for approximately $894 million to Realty Income Corporation (NYSE: O). Prior to this, Comrit launched tender offers for up to 22.4 million shares of CIM Real Estate Finance Trust Inc. for $4.61 per share in November 2022.

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