MacKenzie Completes ARC Healthcare III Tender Offer

MacKenzie Realty Capital Inc., a non-traded business development company, purchased 3,365 shares of American Realty Capital Healthcare Trust III for $12.05 each. MacKenzie originally offered to purchase 200,000 of the AR Global-sponsored non-traded REIT in the tender offer that commenced in May 2017.

ARC Healthcare III urged its shareholders to reject the unsolicited offer, saying that the price is too low and that MacKenzie incorrectly stated that the REIT has not discussed its liquidity strategy. The REIT clarified that a special committee of independent directors is considering a range of strategic alternatives, but has yet to make a decision to enter into any transaction at this time.

Last month, an affiliated non-traded REIT, Healthcare Trust Inc., agreed to purchasesubstantially all of ARC Healthcare III’s assets for approximately $120 million, upon shareholder approval.

American Realty Capital Healthcare Trust III raised $168 million prior to the cancellation of its offering following a series of ARC-related scandals, and currently owns a portfolio of 19 properties purchased for $128 million. Shares were originally sold for $25.00 each and the company has yet to disclose its estimated per share net asset value.

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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