MacKenzie Affiliate Launches Tender Offer for Presidio Property Trust Shares

SCM Special Fund 3 LP, an affiliate of Mackenzie Capital Management, has launched an unsolicited tender offer for 1.6 million shares of Presidio Property Trust Inc.

SCM Special Fund 3 LP, an affiliate of Mackenzie Capital Management, has launched an unsolicited tender offer for 1.6 million shares of Presidio Property Trust Inc. for $2.60 each. The offer, which constitutes 9.1 percent of the outstanding shares, expires on July 20, 2018.

Presidio Property Trust, a non-traded real estate investment trust formerly known as NetREIT Inc., recently declared an estimated net asset value of $5.48 per share as of March 31, 2018. The company announced late last year that it plans to eventually list on the NYSE under the symbol SQFT.

SCM Special Fund 3 does not currently own shares of the REIT but are willing to pay nearly $4.2 million if all are tendered in the current offer.

Presidio invests in industrial, office, retail and model home residential properties located throughout the United States and owns a portfolio of 22 commercial properties, as well as 149 model homes co-owned by four affiliates, that were purchased for $240 million. The company has raised $176.7 million in investor equity since inception.

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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