Everest Completes Lightstone Value Plus REIT V Tender Offer
Everest REIT Investors I LLC, a private real estate investment firm, concluded its tender offer for up to 1.2 million shares of Lightstone Value Plus Real Estate Investment Trust V Inc. common stock for $5.40 per share.
Everest REIT Investors I LLC, a private real estate investment firm, concluded its tender offer for up to 1.2 million shares of Lightstone Value Plus Real Estate Investment Trust V Inc. common stock for $5.40 per share. The unsolicited tender offer was launched in early January 2018.
Everest purchased 53,655 shares of the non-traded REIT for approximately $290,000. The company and its affiliates now own a total of 242,000 shares, or approximately 1 percent of the outstanding shares.
The board of Lightstone Value Plus REIT V, formerly Behringer Harvard Opportunity REIT II, recently approved an estimated net asset value per share of $7.98 for the company’s common stock, as of September 30, 2017.
Lightstone Value Plus REIT V went effective in January 2008 and closed in March 2012 after raising $265 million in investor equity. The company’s portfolio is comprised of seven properties with a total investment cost of approximately $167 million, as of September 30, 2017. The company replaced its advisor and property manager in 2017 with affiliates of Lightstone Group, a national real estate investor/developer and sponsor of non-traded REITs that oversees a $2.4 billion real estate portfolio.
