Everest REIT Investors I LLC, a private real estate investment firm, has completed its unsolicited tender offer for up to 5.3 million shares of Black Creek Group’s Industrial Property Trust, which expired on December 10, 2019.
The offer launched in late October and Everest later increased the offer price from $9.00 to $9.25 per share, and purchased approximately 68,498 shares from investors, or less than 0.1 percent of the outstanding shares.
On December 11th, Industrial Property Trust shareholders approved plans to sell substantially all of the company’s assets to an affiliate of Prologis Inc. (NYSE: PLD) in an all cash merger transaction valued at nearly $4 billion. The REIT estimates that stockholders may receive approximately $12.18 per share as total consideration for their shares.
Industrial Property Trust’s last estimated net asset value per share was $12.33 as of November 30, 2018, which was approximately 37 percent higher than Everest’s tender offer price. Shares were originally sold for $10.00 each. Industrial Property Trust raised $1.8 billion in investor equity from its launch in 2014 until closing in 2017.