Everest REIT Investors I LLC is offering to purchase up to 1.9 million shares of KBS Real Estate Investment Trust II common stock for $3.75 per share. The offer, which constitutes 1 percent of the outstanding shares, expires on June 8, 2017.
KBS REIT II had approximately 47,500 holders of record owning a total of 188.6 million shares as of March 8, 2017. The company’s estimated net asset value is $5.49 per share, as of December 31, 2016.
Everest and its affiliates currently own 870 shares of the KBS REIT II, and will pay approximately $7.1 million if all shares in the current offer are tendered.
Since the beginning of the year, Everest REIT Investors I and its affiliates have conducted similar tender offers for shares of other KBS non-traded REITs, including KBS REIT, KBS REIT III, and KBS Legacy Partners Apartment REIT.
KBS REIT II went effective in April 2008 and closed its primary offering in March 2011 after raising $1.8 billion in investor equity. The company’s portfolio consists of 11 office properties (10 office properties and an office campus consisting of eight office buildings) and one real estate loan receivable.