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Comrit to Launch Unsolicited Tender Offers for CNL Healthcare and CIM Real Estate Finance Trust

Close-up of businessman holding paper and pen and giving them for signature

Comrit Investments 1 LP, a Tel Aviv-based investment fund, has made a filing with the SEC indicating their intent 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.

Comrit’s potential offer includes the purchase of up to 8.8 million shares of CNL Healthcare Properties Inc. for $4.64 per share and up to 22 million shares of CIM Real Estate Finance Trust Inc. for $4.57 per share.

Comrit currently owns approximately 3.1 million shares of the CIM REIT’s common stock, or 0.7% of the common stock as of Nov. 8, 2022. Comrit also owns 1.5 million shares of CNL REIT’s common stock, or 0.9% of the common stock as of Nov. 9, 2022.

CNL estimated its per share net asset value at $7.37 as of Dec. 31, 2021, and recently sold on LODAS Markets, a secondary trading platform for non-traded securities that was previously known as Realto, for $5.03. CIM REIT estimated its per share NAV at $6.57 as of Sept. 30, 2022, and recently sold on LODAS Markets for $5.42 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. As The DI Wire previously reported, CNL’s chief operating officer and senior vice president John Starr resigned, effective July 22, 2022.

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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