Thursday, June 20, 2013

Chamber's Tender Results

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.

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