Comrit Offers $6.50 Per Share of Pacific Oak Strategic Opportunity REIT

The board of Pacific Oak Strategic Opportunity REIT Inc., a publicly registered non-traded real estate investment trust formerly known as KBS Strategic Opportunity REIT Inc., sent a letter to its shareholders recommending that they reject an unsolicited mini-tender offer from Comrit Investments 1 LP, a Tel Aviv-based investment fund.

In the letter, Pacific Oak REIT says the board declared an estimated net asset value per share of $10.50 for its common stock as of Dec. 2, 2022. Comrit’s offer price is $6.50 per share to purchase 461,538 shares of the company’s common stock, which is approximately 0.4% of the outstanding shares.

“We believe the offer price is substantially below the value of the shares and recommend against selling your shares at that price,” the letter from Pacific Oak’s president Peter McMillan III stated.

Pacific Oak Capital Markets is a wholesaler and managing broker-dealer for alternative investment offerings, including a qualified opportunity zone fund, Delaware statutory trust, and other private and public offerings such as SmartStop Strategic Storage Trust VI.

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