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North Star Calls for Sale of AmeriVest Portfolio

DENVER-The largest shareholder of AmeriVest is reiterating its call to sell all of its assets. In a recently filed SEC document, the North Star Group says it continues to believe AmeriVest is too small to operate efficiently.

By John Rebchook | Updated on January 11, 2006

DENVER-Buried deep in a 13D Securities and Exchange Commission filing, the largest single shareholder of stock in Denver-based AmeriVest is calling for selling all of its office buildings. The main purpose of the filing was to describe how a Bermuda-based company called NS Offshore Ltd. had been dissolved, and all of its shares in AmeriVest have been transferred to North Star, based in Westport, CT.

“The North Star Group continues to believe that AmeriVest is too small to operate efficiently,” states the SEC filing. “The recent announcements regarding property sales strengthens our belief that there is value in the real estate holdings that is not being reflected in the current share price. The North Star Group strongly believes that shareholder value would be maximized by putting the remaining properties up for sale and distributing the sale proceeds to shareholders as son as practicable. We urge the board of Trustees to pursue such a plan immediately.”

North Star notes it owns 1.56 million shares of AmeriVest, or about 6.5% of the 24.1 million outstanding shares. It owns it through three companies: North Star, with 803,371 shares or 3.3% of the company; North Star II, 686,901 shares, or 2.8%; and Circle T Explorer Master Limited NS Advisors LLC, with 74,850 shares or 0.3%. Andrew R. Jones is the general partner of North Star and North Star II and has an “indirect beneficial ownership interest in these shares of common stock,” according to the filing. For the most part, it paid between $3.99 and $4.15 per share. It also acquired 144,563 shares from the Bermuda-based Offshore on Jan.3 for $4.18 per share, the filing notes.

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