Centerbridge Partners LP, a global private investment firm focused on real estate, and GIC Real Estate Inc., a global institutional investor, will acquire all of the outstanding shares of Indus Realty Trust Inc., a U.S.-based industrial and logistics real estate income trust, in an all-cash transaction valued at approximately $868 million.
Indus is focused on developing, acquiring, managing and leasing industrial and logistics properties. The trust owns 42 industrial and logistics buildings totaling approximately 6.1 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida. Under the terms of the agreement, Indus stockholders will receive $67 per share in cash, subject to certain adjustments.
“The transaction delivers immediate and significant value to our stockholders, and we believe it validates the quality of the platform and portfolio we have built over Indus’ long history,” states Michael Gamzon, Indus’ president and chief executive officer.
Morgan Stanley & Co. LLC is serving as financial advisor to Indus and Latham & Watkins LLP is serving as legal counsel. BofA Securities Inc. and JP Morgan Securities LLC are serving as financial advisors to Centerbridge and GIC. Simpson Thacher & Bartlett LLP is serving as legal counsel to Centerbridge and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to GIC.