Everest REIT Investors I LLC, a private real estate investment firm, has launched an unsolicited tender offer for 3.6 million shares of Industrial Property Trust Class T common stock for $9.00 each. The offer expires on September 18, 2019.
Industrial Property Trust is a publicly registered non-traded real estate investment trust sponsored by Black Creek Group LLC, a Denver-based real estate investment manager and development firm. Everest does not currently own any shares of the REIT and would pay approximately $32.4 million if all shares in the current offer are tendered.
The company’s last estimated net asset value per share was $12.33 as of November 30, 2018, which is 37 percent higher than Everest’s tender offer price.
Black Creek Group recently agreed to sell Industrial Property Trust to an affiliate of Prologis Inc. (NYSE: PLD) in an all cash merger transaction valued at approximately $3.99 billion.
The transaction, which is expected to close in the fourth quarter of 2019 but has an outside close date of March 31, 2020, includes 236 industrial properties totaling 37.5 million square feet that are currently 97 percent leased.
The REIT currently estimates that stockholders may receive approximately $12.18 per share as total consideration for their shares.
Industrial Property Trust raised $1.8 billion in investor equity from its launch in 2014 until closing in 2017.