Everest Pays $1 Million for Griffin Capital Essential Asset REIT Shares in Unsolicited Tender Offer
Everest REIT Investors I LLC, a private real estate investment firm, has completed its unsolicited tender offer to purchase up to 1 million Class E shares of Griffin Capital Essential Asset REIT Inc., a publicly registered non-traded real estate investment trust.
Everest REIT Investors I LLC, a private real estate investment firm, has completed its unsolicited tender offer to purchase up to 1 million Class E shares of Griffin Capital Essential Asset REIT Inc., a publicly registered non-traded real estate investment trust.
Everest purchased approximately 145,898 shares at $7.20 each for a total of $1.05 million. The firm now owns 206,640 shares of the Griffin REIT, or approximately 0.1 percent of the outstanding.
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.
