Everest Offers $2.56 Per Share of KBS REIT

Everest REIT Investors I and II offered to purchase up to 9.3 million shares of common stock in KBS Real Estate Investment Trust Inc. for $2.56 each. The offer expires on March 10, 2017.

KBS Real Estate Investment Trust, a non-traded real estate investment trust sponsored by KBS Capital Advisors, closed its offering in May 2008 after raising approximately $1.7 billion in investor equity. As of Sept. 30, 2016, the company owned a diversified commercial real estate portfolio comprised of 186 properties, three real estate loans receivable, and a participation interest in a real estate joint venture.

The KBS REIT board declared an estimated net asset value per share of $3.65 on Oct. 5, 2016.

As reported by The DI Wire last month, KBS REIT shareholders approved a plan of dissolution at the company’s annual meeting. Pursuant to the plan, investors are expected to receive between $3.27 and $3.68 per share for the liquidation, which could take up to two years to complete.

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