Liquidity Partners Trust I Tenders for Inventrust

Liquidity Partners Trust I filed a tender offer statement on Schedule TO on October 30, 2017, seeking to purchase 2,000,000 shares of InvenTrust Properties Corp. at a price of $1.55 per share, approximately 47% of the non-traded REIT’s stated value of $3.29. The offer is 4.0% above  a recent Mackenzie tender offer for the same program, but below secondary market pricing.  The Direct Investments Spectrum, reported sales of Shares on secondary markets at an average price of $2.16 per Share during the period June 1, 2017 through July 31, 2017, the most recent period reported.  The Stanger Report reported sales of Shares on secondary markets at prices between $1.42 and $2.22 per Share during the period March 1, 2017 through May 31, 2017, the most recent period reported.  

InvenTrust filed an 8-K acknowledging it is aware of the mini-tender.  It will review and consider the offer at its November 9 meeting prior to taking a position with respect to the mini-tender.

Liquidity Partners I and its affiliates currently beneficially own 103,751,020 Shares of the Company, or approximately 0.01% of the outstanding Shares. The 2,000,000 Shares subject to the Offer constitute approximately 0.26% of the outstanding Shares

According to Mini-Tender Data, The this is the first publicly filed tender offer from Liquidity Partners Trust, although they may have completed other tender offers without filing form SC TO-T, and/or under different entity names.

Everest Completes tender for KBS Strategic Opportunity REIT

Everest REIT Investors I, LLC filed a tender offer statement on Scheddule TO on September 11, 2017, seeking to purchase 600,000 shares of KBS Strategic Opportunity REIT Inc at a price of $10.25 per share (69.21% of NAV)

The Offer to Purchase expired pursuant to its terms on October 10, 2017. The Purchaser received approximately 57,874 Shares(9.65% of targeted shares) that were validly tendered and not withdrawn. All tendered Shares were accepted for payment. Including such tendered Shares, the Purchaser and its affiliates will own a total of approximately 59,214 Shares. Source.

According to Mini-Tender Data, The median price of Everest REIT tender offers was 69% of NAV, and the median % of targeted shares actually tendered was 9.19%