Israel-Based Investment Fund Launches $24 Million ARC NYC REIT Tender Offer
Comrit Investments 1 LP, a private real estate investment fund based in Tel Aviv, Israel, has launched an unsolicited tender offer to purchase up to 1.6 million shares of American Realty Capital New York City REIT Inc.
Comrit Investments 1 LP, a private real estate investment fund based in Tel Aviv, Israel, has launched an unsolicited tender offer to purchase up to 1.6 million shares of American Realty Capital New York City REIT Inc. for $14.68 each. The offer expires on March 6, 2018.
ARC NYC REIT, a non-traded real estate investment trust sponsored by AR Global, has an estimated a net asset value per share of $20.26 as of June 30, 2017. Shares were originally sold for $25.00 each.
If all shares in the offer are tendered, Comrit Investments will pay a total of $23.5 million and will own approximately 5.1 percent of the outstanding shares. The firm and its affiliates currently own approximately 45,000 shares of ARC NYC REIT common stock.
American Realty Capital New York City REIT invests in properties located in the five boroughs of New York City, with a focus on Manhattan. The company closed its offering in May 2015 and continues to raise capital through its distribution reinvestment plan and shares repurchase program. The company raised a total of $772 million in investor equity, as of the third quarter of 2017, and owns six properties with an investment cost of $725 million, according to Summit Investment Research.
