MacKenzie Realty Capital Inc., a non-traded business development company, made a tender offer for 600,000 shares of common stock of Sentio Healthcare Properties for $5.00 per share. The offer expires on March 18, 2016.
Sentio Healthcare Properties, a non-traded real estate investment trust that invests in healthcare real estate, had approximately 3,275 holders of record owning a total of 11.5 million shares, according to a filing by MacKenzie with the Securities and Exchange Commission.
Sentio’s most recent valuation, declared in February 2014, estimated that their stock was worth $11.63 per share.
MacKenzie notified investors about the purchase offer, and said that “Sentio suspended its stock repurchase program in 2011 and has not said if, or when, it might reopen. As a result, it could be difficult for investors to sell their shares promptly…”
At this time, MacKenzie does not own any interest in the REIT and would pay $3 million if all 600,000 shares are tendered. The tender offer equals 5.22 percent of the outstanding shares.
MacKenzie Capital Management LP, a real estate investment management business based in Moraga, CA, is the sponsor of MacKenzie Realty Capital and has specialized in the area of discounted real estate securities and asset management since its formation in 1982.