Tel Aviv-Based Investment Fund Launches Tender Offer for Shares of Benefit Street Partners Realty Trust
Comrit Investments 1 LP, Tel Aviv-based investment fund, has launched an unsolicited tender offer for up to 1.8 million shares of Benefit Street Partners Realty Trust Inc.
Comrit Investments 1 LP, Tel Aviv-based investment fund, has launched an unsolicited tender offer for up to 1.8 million shares of Benefit Street Partners Realty Trust Inc. for $13.08 per share. The offer, which constitutes approximately 5.3 percent of the outstanding shares, expires on November 9, 2018.
Benefit Street Partners Realty Trust, a publicly registered non-traded real estate investment trust, was formerly known as Realty Finance Trust and managed by AR Global before Benefit Street Partners LLC took over as its new advisor at the end of September 2016.
The $13.08 offer price is 31.2 percent less than the REIT’s net asset value per share of $19.02. Comrit and its affiliates already own approximately 138,000 shares and would pay up to $23.5 million if all shares in the current offer are tendered.
Benefit Street Partners Realty Trust focuses on commercial real estate debt investments secured by income-producing properties and targets loans and securities – diversified by duration, geographic location, property type, ownership, and tenancy. The offering was declared effective in February 2013 and raised $786 million in investor equity before closing in January 2016. As of June 30, 2018, the company’s debt portfolio consisted of 94 loans totaling $1.9 billion, according to Summit Investment Research.
