Everest REIT Investors, I, LLC has launched a tender offer for shares of Cole Credit Property Trust IV, Inc., a publicly registered non-traded real estate investment trust for $6.60 per share. The offer expires on January 18, 2019.
The Everest REIT Investors’ offering price is approximately 30 percent lower than Cole Credit Property Trust IV’s most recent estimated NAV per share of $9.37. Shares of the REIT originally sold for $10.00.
Everest REIT Investors currently owns zero shares of Cole Credit Property Trust IV, and if all shares in the current offer are tendered, the REIT will pay approximately $5.1 million and own approximately 0.25 percent of the outstanding shares.
Cole Credit Property Trust IV invests in income-producing retail commercial real estate primarily leased to creditworthy tenants under long-term, net leases. The REIT’s $5.1 billion portfolio is comprised of 909 properties totaling 26.9 million square feet, and as of December 31, 2017, the company had raised approximately $3.4 billion in investor equity. Cole Credit Property Trust IV is operated by CCO Group LLC, a subsidiary of CIM Group.