The board of Pacific Oak Strategic Opportunity REIT Inc., a publicly registered non-traded real estate investment trust formerly known as KBS Strategic Opportunity REIT Inc., sent a letter to its shareholders recommending that they reject an unsolicited mini-tender offer from Comrit Investments 1 LP, a Tel Aviv-based investment fund.
As The DI Wire previously reported, Pacific Oak REIT declared an estimated net asset value per share of $10.50 for its common stock as of Sept. 30, 2022. Comrit’s offer price will be $6.62 per share.
“We believe that the bidder’s offer is meant to take advantage of the illiquidity of our shares by buying your shares at a price significantly below their fair value in order to make a significant profit,” the letter from Pacific Oak’s president Peter McMillan III stated.
Pacific Oak Strategic Opportunity REIT invests in opportunistic real estate and other real estate-related investments and manages a portfolio valued in excess of $2 billion comprised primarily of office, land, apartment, single-family rental and hotel assets.
For more Pacific Oak news, please visit their directory page.