MacKenzie Capital Management LP has launched an unsolicited mini-tender offer to purchase shares of Highlands REIT Inc., a publicly registered non-traded real estate investment trust.
MacKenzie is offering to purchase shares of the company’s common stock at a price of $0.04 per share and a transfer fee of $25 per transaction. Highlands REIT announced an estimated net asset value per share of $0.28 as of December 31, 2022.
Shares of Highlands REIT most recently traded on LODAS Markets, previously known as Realto, for $0.12.
In a letter to investors, the board of directors of Highlands REIT recommends that the stockholders reject the MacKenzie Offer.
Highlands REIT is a non-traded REIT that was spun-off from InvenTrust Properties Corp. (formerly Inland American Real Estate Trust) in April 2016. The company oversees a 19-property portfolio of office, industrial, retail, and multifamily properties, as well as one correctional facility and one parcel of unimproved land, as of March 31, 2023.