Kushner Companies LLC made an offer to acquire First Real Estate Investment Trust of New Jersey, Inc. (OTCPK:FREV.S) for approximately $160 million.
June 27, 2023
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Kushner Companies LLC made an offer to acquire First Real Estate Investment Trust of New Jersey, Inc. (OTCPK:FREV.S) for approximately $160 million on June 27, 2023. Kushner proposed to acquire all the outstanding shares of common stock of First Real Estate Investment Trust of New Jersey, Inc. at a price equal to $22.00 per share in cash. Proposal is subject to the conditions including receipt of required Board and shareholder approvals, including under applicable provisions of the Trust's Charter; receipt of any required governmental and third-party approvals; and the execution of a definitive agreement containing terms and conditions customary for a transaction of this type and size.
The Transaction would not be subject to any financing contingency. Olshan Frome Wolosky LLP acted as legal advisor and due diligence provider to Kushner.
First Real Estate Investment Trust of New Jersey, Inc. is an equity real estate investment trust (REIT). The Company is engaged in acquiring, developing, constructing and holding real estate properties for long-term investment and not for resale. The Company operates through two segments: commercial properties and residential properties. Its funds acquisition opportunities and the development of its real estate properties largely through debt financing, including mortgage loans collateralized by certain of its properties. Its properties are primarily located in northern New Jersey and New York. Its subsidiaries include Westwood Hills, LLC, Damascus Centre, LLC, Wayne PSC, LLC, Grande Rotunda, LLC, WestFREIT, Corp., Station Place on Monmouth, LLC., FREIT Regency, LLC and Berdan Court, LLC.
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. 
