Comrit Investments 1 LP, a Tel Aviv-based investment fund, has completed its unsolicited tender offer for shares of Cole Office & Industrial REIT Inc. (CCIT II), purchasing 56,691 Class A shares of the REIT’s common stock for $8.52 each.
Comrit originally offered to purchase up to 3.4 million shares of Class A and Class T common stock and later amended the offer to approximately 469,500 shares, consisting of 448,600 Class A shares and 20,900 Class T shares. No Class T shares were purchased by Comrit.
Cole Office & Industrial REIT recently declared a $10.58 per share net asset value for its Class A and Class T shares as of December 31, 2017.
The REIT’s board previously recommended that shareholders reject the Comrit offer and not tender their shares, calling it “opportunistic.”
Comrit and its affiliates currently own approximately 667,217 shares of CCIT II Class A common stock, or approximately 1.0 percent of the total shares outstanding.
Cole Office and Industrial REIT commenced operations in September 2013 and invests primarily in single-tenant necessity office and industrial properties that are leased to creditworthy tenants under long-term, net leases.
The company closed its primary offering in September 2016 after raising $672 million in investor equity, according to Summit Investment Research. The company’s $1.2 billion portfolio is comprised of 36 properties totaling 11.4 million rentable square feet. Cole Office and Industrial REIT is operated by CCO Group LLC, a subsidiary of CIM Group.