Everest REIT Investors I LLC, a private real estate investment firm, has launched a tender offer to purchase 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). The offer expires on December 20, 2018.
Everest is offering to purchase up to 1.6 million shares of common stock for $6.20 per share. Shares of the publicly registered non-traded REIT were originally sold for $10.00 each.
CPA: 18 has a current estimated net asset value per share of $8.57 as of March 31, 2018. The Everest offering price is 14 percent lower than the REIT’s estimated NAV per share.
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.