Comrit Investments 1 LP, a Tel Aviv-based investment fund, plans to launch another unsolicited tender offer for shares of CIM Real Estate Finance Trust, this time for up to 18.3 million shares at $5.01 per share, according to preliminary documents filed with the Securities and Exchange Commission. Once formally launched, the offer is expected to expire on September 30, 2021.
CIM Real Estate Finance Trust is publicly registered non-traded real estate investment trust formerly known as Cole Credit Property Trust IV.
In April 2021, Comrit completed an unsolicited tender offer where it sought to purchase up to 16 million shares of the REIT for $4.50 per share, and ultimately purchased roughly 896,200 shares.
In December 2020, CIM Real Estate Finance Trust completed stock-for-stock merger transactions with two affiliated non-traded REITs, Cole Office & Industrial REIT and Cole Credit Property Trust V. The REIT estimated its net asset value per share at $7.20 as of March 31, 2021.
Comrit and its affiliates currently own approximately 1.2 million shares of CIM Real Estate Finance Trust, or approximately 0.3 percent of the outstanding shares as of May 10, 2021.
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 of March 31, 2021, the REIT’s investments included a loan portfolio with 227 loans at a net book value of $1 billion, investments in real estate-related securities totaling $67.2 million, and a $3.7 billion property portfolio with 515 properties.