Everest Completes Unsolicited Tender Offer for KBS REIT II Shares
Everest REIT Investors I LLC, a private real estate investment firm, has completed its unsolicited tender offer for up to one million shares of KBS Real Estate Investment Trust II Inc.
Everest REIT Investors I LLC, a private real estate investment firm, has completed its unsolicited tender offer for up to one million shares of KBS Real Estate Investment Trust II Inc. The offer expired on March 4, 2020.
Everest offered to pay $2.25 per share of the non-traded REIT and purchased 139,827 shares. Including the tendered shares, Everest and its subsidiaries currently own 711,295 shares, or roughly 0.4 percent of the outstanding. At the time of the tender offer, KBS REIT II had a net asset value of $3.79 per share. Shares originally sold for $10.00 each.
At its annual meeting held on March 5, 2020, KBS REIT II shareholders approved the company’s plan of liquidation and dissolution, and the REIT expects net proceeds to range between approximately $3.40 and $3.83 per share.
The board also authorized an initial liquidating distribution of $0.75 per share of common stock to stockholders of record at the close of business on March 5, 2020. In connection with the distribution, the board also approved an updated estimated value per share of the company’s common stock of $2.87 to reflect the impact of the payment.
The REIT previously paid a $4.50 per share special distribution in September 2014 and a $0.45 per share special distribution in June 2019.
KBS REIT II closed its primary offering in December 2010 after raising approximately $1.8 billion in investor equity.
