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ILPT to Acquire Monmouth Real Estate for $4B in Cash
Industrial Logistics Properties Trust (ILPT) said Friday it had entered into a definitive agreement to acquire all of the outstanding shares of Monmouth Real Estate Investment Corporation for $21 per share in an all-cash transaction. The deal, valued at approximately $4 billion, includes the assumption of $409 million of debt.
The merger will add 126 new, Class A, single tenant, net leased, e-commerce focused industrial properties totaling more than 26 million square feet to Newton, MA-based ILPT’s existing portfolio while improving geographic and tenant diversity.
ILPT CEO John Murray said the merger expands ILPT’s ability “to benefit from ongoing strong fundamental tailwinds in the industrial sector. This accretive transaction more than doubles the properties in ILPT’s mainland portfolio and this scale is expected to expand ILPT’s growth opportunities and access to capital.”
The agreement occurs about two months after Monmouth shareholders rejected Equity Commonwealth’s agreement to acquire the REIT for $3.4 billion. Starwood Capital Group made an unsolicited bid for Monmouth shortly after the merger agreement with Equity Commonwealth was announced.
Pictured: Monmouth’s recently acquired FedEx ground facility in Mesquite, TX.
- ◦Sale/Acquisition
