CIM Group Acquires 2,468,390 Shares of CIM Commercial Trust
October 14 2019 - 8:00AM
Business Wire
CIM Group’s and Its Affiliates’ Ownership
Increases to 19%
CIM Commercial Trust Corporation (Nasdaq: CMCT and TASE:
CMCT-L)(“CMCT” or “CIM Commercial Trust”) announced today that it
has been notified that an affiliate of CIM Group has acquired
2,468,390 shares of common stock of CMCT for $19.1685 per share in
a private transaction. Following this purchase, CIM Group, its
affiliates, and officers and directors of CMCT have an aggregate
economic interest in approximately 19% of the outstanding shares of
CMCT common stock.
“This $47.3 million investment demonstrates the confidence that
CIM Group, whose affiliate serves as the operator of CMCT, has in
CMCT’s high-quality metropolitan portfolio,” said David Thompson,
CMCT’s Chief Executive Officer. “We believe CMCT is well positioned
for growth with three value-add projects expected to be completed
in 2020, contractual rent increases, and the ability to increase
below market in-place leases to market rates. The investment
further aligns the interests of CIM Group and shareholders of
CMCT.”
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust is a real estate investment trust that
primarily acquires, owns, and operates Class A and creative office
assets in vibrant and improving metropolitan communities throughout
the United States. Its properties are primarily located in Los
Angeles and the San Francisco Bay Area. CIM Commercial Trust is
operated by affiliates of CIM Group, L.P., a vertically-integrated
owner and operator of real assets with multi-disciplinary expertise
and in-house research, acquisition, credit analysis, development,
financing, leasing, and onsite property management capabilities.
www.cimcommercial.com
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including, among others, statements about CMCT’s plans and
objectives relating to future growth. Such forward-looking
statements are based on particular assumptions that management of
CMCT has made in light of its experience, as well as its perception
of expected future developments and other factors that it believes
are appropriate under the circumstances. Forward-looking statements
are necessarily estimates reflecting the judgment of CMCT and
involve a number of risks and uncertainties that could cause actual
results to differ materially from those suggested by the
forward-looking statements. These risks and uncertainties include
those associated with (i) the ability to complete anticipated
development projects and the timing of any such completion and (ii)
general economic, market and other conditions. For a further list
and description of the risks and uncertainties inherent in
forward-looking statements, see CIM Commercial's Annual Report on
Form 10-K for the fiscal year ended December 31, 2018.
Forward-looking statements are not guarantees of performance or
results and speak only as of the date such statements are made.
CMCT undertakes no obligation to publicly update or release any
revisions to its forward-looking statements, whether to reflect new
information, future events, changes in assumptions or circumstances
or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20191014005337/en/
Media Relations: Bill Mendel, 212-397-1030
bill@mendelcommunications.com or Investor Relations: Steve
Altebrando, 646-652-8473
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