Everest REIT Investors Offers $7.00 Per Share for CNL Growth Properties
Aug 19 2016 | by DI Wire
Everest REIT Investors, a private real estate investment firm, offered to purchase up to 1.1 million shares of CNL Growth Properties common stock for $7.00 each. The unsolicited tender offer expires on September 26th.
Everest and its affiliates currently own 38,819 shares of the CNL Growth common stock. If all shares are tendered, the firm will pay $7.7 million and own 5.01 percent of the outstanding shares. As reported by The DI Wire in January 2016, Everest previously offered shareholders $5.70 per share – which is 22 percent less than the current offer. The REIT has an estimated net asset value of $8.65 per share, as of Dec. 31, 2015.
Earlier this month, CNL Growth Properties shareholders approved a plan to liquidate and dissolve the company, with net proceeds from liquidation estimated between $8.41 and $9.39 per share.
