Everest Cancels Unsolicited Tender Offer for Industrial Property Trust Shares

Everest REIT Investors I LLC, a private real estate investment firm, has terminated its unsolicited tender offer for up to 3.6 million shares of Industrial Property Trust Class T common stock. Everest was offering to pay $9.00 each for the shares, but canceled the offer after five days.

The reason for the cancelation was not given in a filing with the Securities and Exchange Commission, and Everest has not responded to inquiries at press time.

Industrial Property Trust is a publicly registered non-traded real estate investment trust sponsored by Black Creek Group LLC, a Denver-based real estate investment manager and development firm. Everest does not currently own any shares of the REIT.

Industrial Property Trust’s last estimated net asset value per share was $12.33 as of November 30, 2018, which is 37 percent higher than Everest’s tender offer price.

Black Creek Group recently agreed to sell Industrial Property Trust to an affiliate of Prologis Inc. (NYSE: PLD) in an all cash merger transaction valued at approximately $3.99 billion. The REIT currently estimates that stockholders may receive approximately $12.18 per share as total consideration for their shares.

Industrial Property Trust raised $1.8 billion in investor equity from its launch in 2014 until closing in 2017.

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