Chambers Street Properties Trust (CSG) - formerly the CB Richard Ellis Trust - a $2.5 billion in equity non-traded REIT, released the results of its Dutch Auction tender this morning. Chambers listed on the NYSE in May, and it offered a $125 million Dutch Auction tender offer concurrent with the listing. The $125 million represented approximately 5% of the equity Chambers raised in its offering. Investors tendered 76,107,253 shares, or 30.57% of the outstanding shares. Chambers accepted 12,376,237 shares for tender, 16.26% of the amount tendered.
The original share price for the CB Richard Ellis shares was $10.00. The Dutch Auction had a stated range of $10.10 to $10.60 per share. All shares were tendered at $10.10 per share.
Update: Stated another way, the Chambers Street Tender was six times oversubscribed.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment