Everest REIT Investors I LLC, a private real estate investment firm, has completed its unsolicited tender offer for shares of Corporate Property Associates 18 – Global Incorporated, a publicly registered non-traded real estate investment trust managed by W.P. Carey Inc (NYSE: WPC). Everest was seeking to purchase up to 1.6 million shares of common stock in the offer that expired on December 20, 2018.
Everest purchased approximately 7,945 shares of the REIT for $6.20 per share, which is less than 0.1 percent of the outstanding shares.
CPA: 18 has a current estimated net asset value per share of $8.57 as of March 31, 2018. The Everest offering price was 14 percent lower than the REIT’s estimated NAV per share. Shares originally sold for $10.00 each.
Corporate Property Associates 18 – Global Incorporated does not currently own any shares of the outstanding shares and if all shares in the current offer are tendered, will pay approximately $9.9 million and will own 5.1 percent of the outstanding shares.
CPA:18 – Global’s offering was declared effective in May 2013 and closed in April 2015 after raising $1.2 billion in investor equity. As of the second quarter of 2018, the company’s portfolio consisted of 138 properties with an investment cost of $2.4 billion, according to Summit Investment Research.