Affiliates of MacKenzie Realty Capital Inc. have launched a tender offer to purchase up to 1 million shares of Cole Credit Property Trust V Inc., a publicly registered non-traded real estate investment trust, for $12.50 each. The offer expires on September 28, 2018.
The MacKenzie offering price is approximately 43.6 percent lower than Cole Credit Property Trust V, Inc.’s most recent estimated NAV per share of $22.18 per share. Shares of the REIT originally sold for $25.00 per share.
Cole Credit Property Trust V invests in retail commercial real estate primarily leased to creditworthy tenants under long-term net leases. The company launched its initial public offering in March 2014 and has raised $434 million in investor equity as of the second quarter 2018, and oversees an approximately $679 million portfolio of 140 properties, according to Summit Investment Research.
MacKenzie does not currently own any Cole Credit Property Trust V, shares, and if all shares in the current offer are tendered, they will pay approximately $12.5 million and will own approximately 6.2 percent of the outstanding shares.
Based in Moraga, California, MacKenzie Capital has specialized in the area of discounted real estate securities and asset management since its formation in 1982.