Comrit Investments 1 LP is offering to purchase up to 3.4 million shares, or roughly 5.06%, of diversified real estate investment trust Cole Office & Industrial REIT Inc.'s outstanding class A and class T common stock for $8.52 per share.
If all the shares are tendered in the offer, Comrit will pay out around $29.0 million to the sellers with cash on hand. Comrit and its affiliates currently own about 610,526 shares, or 0.9%, of the REIT's common stock.
The offer will expire at 11:59 p.m. ET on June 26.
In a letter to the REIT's stockholders, Comrit said, among other things, that there is no public trading market for the REIT's shares and that the offer allows shareholders to receive cash for their investment.
