Everest REIT Investors I LLC, a private real estate investment firm, has launched an unsolicited tender offer for up to 1 million Class E shares of Griffin Capital Essential Asset REIT Inc., a publicly registered non-traded real estate investment trust. Everest is offering to pay $7.20 per share in the offer that expires on September 12, 2019.
Everest and its subsidiaries currently own approximately 60,742 shares of the REIT and will pay $7.2 million if all shares in the current offer are tendered.
Griffin Capital Essential Asset REIT reports its net asset value on a daily basis and had a NAV per share of $9.58 as of July 30, 2019. Shares were originally sold for $10.00 each.
In April 2019, the REIT and its affiliate Griffin Capital Essential Asset REIT II merged to create a $4.7 billion, self-managed REIT that owned 101 properties totaling approximately 27.2 million rentable square feet.
In other Everest news, the company recently terminated its unsolicited tender offer for up to 3.6 million shares of Industrial Property Trust Class T common stock. Everest was offering to pay $9.00 each for the shares, but canceled the offer after five days. Industrial Property Trust is a publicly registered non-traded real estate investment trust sponsored by Black Creek Group LLC.