Everest REIT Investors Offers $7.00 Per Share for CNL Growth Properties

August 24, 2016



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.

Article Located Here

Go Back
Gordon Dunne
September 30, 2019

“Always, but especially in this day of lawsuits and ever increasing regulations, the responsibility for a financial advisor t do their own due diligence on products they sell falls squarely on themselves. No one is going to take greater interest in protecting their practice than they are. We use the Blue Vault Partners Nontraded REIT Review to keep us informed of the performance of every single nontraded REIT. Finally, complete transparency is available for advisors using nontraded REITs. Every advisor using REITs in their practice should make the small annual investment of subscribing to Blue Vault’s reporting services.”