Comrit Acquires Half-Million CIM REIT Shares at a Discount Through Mini-Tender Offer

Comrit Investments 1 LP, a Tel Aviv-based investment fund, announced the results of an unsolicited tender offer for shares of CIM Real Estate Finance Trust Inc., a publicly registered non-traded real estate investment trust.

In July, Comrit offered to purchase up to 15.3 million shares of common stock at a purchase price equal to $2.43 per share.

CIM REIT estimated its per share NAV at $6.09 as of March 31, 2024, and recently sold on LODAS Markets, previously known as Realto, for $3.31.

Comrit says the offer resulted in the tender by shareholders, and acceptance for payment by Comrit, of a total of approximately 557,207 shares. Following the purchase, Comrit will own an aggregate of approximately 7,562,158 shares, or approximately 1.7% of the total outstanding shares.

The offer expired on Sept. 11, 2024.

As AltsWire previously reported, Comrit made a filing with the SEC in September 2023 to launch a similar unsolicited tender offer for shares of the REIT. The previous offer included the purchase of up to 22 million shares of CIM REIT for $4.21 per share.

CIM Real Estate Finance Trust primarily owns and operates a portfolio of core commercial real estate assets consisting of net leased properties and a portfolio of commercial mortgage loans. The REIT launched its offering in January 2012 and raised more than $3 billion prior to closing in April 2014.

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