Tender Offer - KKR Real Estate Select Trust Inc.
Form Type: SC TO-I/A
Filing Date: 2025-04-16
Corporate Action: Tender-offer
Type: Update
Accession Number: 000119312525081826
Filing Summary: KKR Real Estate Select Trust Inc. filed a final amendment to its Issuer Tender Offer Statement on Schedule TO to report the results of its tender offer originally published on March 14, 2025. The offer aimed to purchase up to 2,538,651 of its outstanding shares, consisting of Class I, Class D, Class S, and Class U shares of common stock. The offer expired on April 11, 2025, at 4:00 p.m. Eastern Time. A total of 2,244,359 shares were tendered and accepted for repurchase at a price of $24.24 per share, based on the net asset value at the Valuation Date of April 11, 2025. This repurchase equated to 4.42% of the Fund’s net asset value for the quarter, totaling $54,403,268. The document notes that KKR Real Estate Select Trust is permitted to conduct quarterly tender offers for up to 5% of its NAV, with provisions for additional repurchases in the event of oversubscription, which was not exercised in this instance. This final amendment reaffirms that all previously reported information in the statement remains unchanged, apart from the results of the offer.
Additional details:
Amount Previously Paid: $9,600.09
Filing Party: KKR Real Estate Select Trust Inc.
Date Filed: 2025-03-14
Total Shares Tendered: 2,244,359
Accepted Shares: 2,244,359
Purchase Price Per Share: $24.24
Percentage Of Nav Repurchased: 4.42%
Total Repurchased Amount: $54,403,268
Form Type: SC TO-I
Filing Date: 2025-03-14
Corporate Action: Tender-offer
Type: New
Accession Number: 000119312525054370
Filing Summary: KKR Real Estate Select Trust Inc. filed a Tender Offer Statement for its own Class I, Class D, Class S, and Class U Shares of Common Stock. The Fund intends to purchase up to 2,538,651 Shares, representing approximately 5% of Shares outstanding as of February 28, 2025. The purchase price will be determined by the net asset value as of April 11, 2025, or a later date if the offer is extended. The offer is set to expire on April 11, 2025, unless extended. No market exists for the Shares as they are not traded publicly. Additional details include that the Adviser expects to recommend quarterly purchases to the Board, although there is no obligation to conduct tender offers.
Additional details:
Title Of Class Of Securities: Class I, Class D, Class S, Class U Shares of Common Stock
Cusip Number: 49836N502, 49836N304, 49836N106, 49836N403
Maximum Number Of Shares Tendered: 2,538,651 Shares
Expiration Date: 2025-04-11
Form Type: N-CSR
Filing Date: 2025-03-05
Corporate Action: Tender-offer
Type: Update
Accession Number: 000119312525045795
Filing Summary: KKR Real Estate Select Trust Inc. (KREST) submitted its annual report for the fiscal year ending December 31, 2024. The report discusses fund performance, including a total net return of -2.17% and a 6.3% annualized net distribution rate, with all distributions classified as Return of Capital for tax purposes. The company reflected on a challenging year for real estate driven by higher capital costs but anticipated a recovery supported by favorable long-term trends and strong demographic shifts. Strategic moves included exiting all office exposure in their real estate credit portfolio and actively managing their investments by selling high-quality assets at a premium. KREST also announced a Shareholder Priority Plan aiming to stabilize net asset value through a commitment to hold approximately 7.7 million shares until June 2027, helping mitigate share price volatility. The report notes that tender requests have seen a significant decline as liquidity demand from shareholders has lessened, showcasing confidence in KREST's future performance.
Additional details:
Fiscal Year End: 2024-12-31
Net Distribution Rate: 6.3%
Total Net Return: -2.17%
Tender Requests Decline Percentage: 60%
Shareholder Priority Plan Details: KREST aims to support a net asset value of up to $27 per share on June 1, 2027
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