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MacKenzie Completes Tender Offer for InvenTrust Shares

MacKenzie Realty Capital Inc., a non-traded business development company, has purchased 1,053,034 shares of InvenTrust Properties Corp. common stock for $2.10 per share via a recently completed tender offer. InvenTrust is a publicly registered non-traded real estate investment trust formerly known as Inland American Real Estate Trust.

As reported by The DI Wire in November, MacKenzie originally offered to purchase 1 million shares of InvenTrust Properties Corp., but will accept payment for all of the shares tendered.

Upon completion, MacKenzie and its affiliates held approximately 1,952,202, or approximately 0.23 percent of the total outstanding shares.

InvenTrust has made significant changes to their investment platform recently. The company is spinning off its non-core assets into a stand-alone REIT called Highlands REIT, which is expected to be concluded in the next four to five months.

Highlands REIT will be an independent, self-managed, non-traded REIT, and InvenTrust stockholders will own shares in both InvenTrust and Highlands. According to the company, the number of InvenTrust shares held by stockholders will not change as a result of the distribution of Highlands’ common stock.

This week, InvenTrust agreed to sell its student housing platform for $1.4 billion to a joint venture formed between Canada Pension Plan Investment Board, GIC and Scion Communities Investors LLC. The company indicated that the sale price is above their investment value for the assets. The transaction should close in mid-2016, according to the company.

InvenTrust will publish its new estimated share value when the transactions are complete, and plans to announce a new “sustainable distribution” correlated to the cash generated from the remaining portfolio of assets.

 


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