Everest REIT Investors I LLC and Everest REIT Investors III LLC have launched an unsolicited tender offer to purchase nearly 8.8 million shares of CNL Healthcare Properties Inc. common stock for $7.50 each. Unless amended, the offer will expire at 9:00 pm PST on August 31, 2018.
CNL Healthcare Properties, a publicly registered non-traded real estate investment trust, has a current net asset value per share of $10.32 as of December 31, 2017. Everest’s offer price is 27.3 percent lower than the REIT’s NAV per share.
Everest and its affiliates currently own 20,532 shares of CNL Healthcare, and if all shares in the current offer are tendered, will pay approximately $65.6 million and will own roughly 5 percent of the outstanding shares.
CNL Healthcare Properties focuses on acquiring properties in the seniors housing and healthcare sectors, including stabilized, value-add and development assets, as well as other income-producing properties, real-estate related securities and loans. The company closed its offering in September 2015 after raising more than $1.7 billion in investor equity, according to Summit Investment Research. CNL Financial Group LLC is the sponsor of CNL Healthcare Properties.