IG Holdings Cancels Highlands REIT Tender Offer
IG Holdings Inc. and its affiliates have canceled their offer to purchase up to 44.1 million shares of Highlands REIT common stock for $0.17 per share. The offer was originally scheduled to expire on April 24th.
According to a filing with the Securities and Exchange Commission, “certain conditions” were not met and no shares were tendered in the offer.
Highlands REIT is a non-traded real estate investment trust that was spun-off from InvenTrust Properties Corp. (formerly Inland American Real Estate Trust) in April 2016.
Earlier this year, the board of Highlands REIT approved an estimated per share net asset value of $0.35 per share, as of December 31, 2016. Highlands had approximately 170,000 holders of record owning a total 864.9 million shares, as of November 2, 2016. IG Holdings and its affiliates currently own 1.9 million shares of Highlands REIT.
IG Holdings is controlled by Ira Gaines, who serves as its sole director and holds all executive officer positions. In 1992, he founded Peachtree Partners, a firm focused on investments in distressed assets.
Highlands REIT is a non-traded real estate investment trust that oversees an 18-property portfolio of office, industrial, and retail assets, correctional facilities, and unimproved land.
