Home Alts News MacKenzie Affiliate Completes Highlands REIT Tender Offer

MacKenzie Affiliate Completes Highlands REIT Tender Offer

SCM Special Fund 3 LP, an affiliate of Mackenzie Capital Management, has purchased 6.6 million shares of Highlands REIT common stock for $0.17 per share.

As previously reported by The DI Wire, SCM Special Fund originally offered to purchase 45 million shares of the non-traded REIT. Following this latest tender offer, MacKenzie and its affiliates now own 9.5 million shares, or approximately 1.1 percent of the total outstanding shares.

Earlier this year, the board of Highlands REIT approved an estimated net asset value per share of $0.35 per share, as of December 31, 2016. The tender offer price of $0.17 per share is a 51.4 percent discount to the REIT’s NAV per share.

Highlands REIT is a non-traded real estate investment trust that was spun-off from InvenTrust Properties Corp. (formerly Inland American Real Estate Trust) in April 2016. The company, which has nearly 172,000 investors that own 868.1 million shares, oversees an 18-property portfolio of office, industrial, and retail assets, correctional facilities, and unimproved land.

Based in Moraga, California, MacKenzie Capital Management has specialized in discounted real estate securities and asset management since its formation in 1982.

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