Plymouth Industrial REIT Inc. (NYSE: PLYM), a real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties, announced that it is being acquired by a joint venture of entities affiliated with Makarora Management LP and Ares Alternative Credit funds in a $2.1 billion deal.
The acquiring companies will purchase all outstanding shares of Plymouth’s common stock and all outstanding limited partnership interests of Plymouth Industrial OP, LP for $22.00 per share in an all-cash transaction. Upon completion of the transaction, Plymouth will become a private company and shares of Plymouth’s common stock will be de-registered under the Securities Exchange Act of 1934 and no longer trade on the NYSE.
“This all-cash transaction will deliver significant, immediate and certain value to Plymouth shareholders,” said Jeff Witherell, CEO and co-founder of Plymouth.
“Plymouth’s portfolio of cost-competitive industrial assets in the Midwest and East Coast is strategically located within a day’s drive of 70% of the US population,” said Chad Pike, Makarora’s founder and chief investment officer. “Makarora is committed to providing flexible capital solutions to U.S. real estate businesses, and we are excited to partner with the Plymouth team.”
