Clarion Partners Real Estate Income Fund Inc. Announces Tender Offer Results
Clarion Partners Real Estate Income Fund Inc. (the “Fund”) has reported the results of its issuer tender offer aimed at purchasing up to 5.0% of the aggregate net asset value (NAV) of the Fund, which currently amounts to approximately $39.3 million. This offer was calculated based on the NAV as of a specified date and included various classes of shares, namely Class S Shares (CPRSX), Class T Shares (CPRTX), Class D Shares (CPRDX), and Class I Shares (CPREX).
Highlights of the Tender Offer
The tender offer enabled shareholders to tender shares at a price equal to the NAV per share as of the close of trading on the New York Stock Exchange. The acceptance period for tendered shares ended on a predetermined date, which marks a significant moment for the Fund and its shareholders.
Share Classes and Tenders
Below are the share classes that participated in the tender offer along with the details of the shares tendered:
Class S Shares: Ticker CPRSX, with 24,778.791 shares tendered at a purchase price of $11.70 per share.
Class T Shares: Ticker CPRTX, with 140,240.069 shares tendered at a purchase price of $11.69 per share.
Class D Shares: Ticker CPRDX, with 84,342.954 shares tendered at a purchase price of $11.70 per share.
Class I Shares: Ticker CPREX, with an impressive 1,333,952.804 shares tendered at a purchase price of $11.71 per share.
Payment Process and Outstanding Shares
On a specific date after the offer expiration, the Fund finalized its payment for the accepted shares. It’s important to note that any shares tendered but not accepted will remain outstanding, thereby continuing to participate in the Fund’s overall strategy.
For Further Inquiries
Shareholders or interested parties who have questions about the tender offer are encouraged to reach out to SS&C Global Investor & Distribution Solutions, Inc., the designated Information Agent for this tender offer. They can be reached toll-free at (844) 534-4627 for assistance.
About the Fund
The Fund operates as a non-diversified, closed-end management investment company. It is managed by Franklin Templeton Fund Adviser, LLC, a reputable financial advisory firm. The management of the Fund includes engagements with Clarion Partners, LLC and Western Asset Management Company, LLC, both of which are subsidiaries of Franklin Resources, Inc.
This collaborative management structure allows the Fund to leverage a wealth of knowledge and experience in the real estate investment sector, providing its investors with diverse options and strategies that align with market conditions.
About Clarion Partners and Franklin Templeton
Having been in the industry for over 40 years, Clarion Partners is a well-established investment adviser known for its expertise in U.S. real estate investments. They manage a substantial portfolio, amounting to approximately $74.2 billion in assets, demonstrating their capability and reliability within the investment market.
Franklin Templeton, the parent organization, is a global investment management institution with an impressive track record of serving clients across 150 countries, focusing on enhancing client outcomes through innovative investment management and wealth building strategies.
Frequently Asked Questions
What was the purpose of the tender offer by the Fund?
The tender offer aimed to enable shareholders to sell back their shares at a fair price based on the Fund's NAV.
How many shares were tendered across the various classes?
Across all classes, thousands of shares were tendered with Class I showing significant engagement.
Who managed the tender offer process?
The tender offer was managed through the Fund's Information Agent, SS&C Global Investor & Distribution Solutions, Inc.
Can shareholders still participate in the Fund after the tender offer?
Yes, any shares that were not tendered remain outstanding and available for continued participation in the Fund.
What investment strategies does the Fund employ?
The Fund focuses on diverse real estate strategies managed with expertise from its affiliate firms, aiming to optimize investment returns for shareholders.
