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INDUS Realty Trust to be Taken Private by Centerbridge, GIC for $868M
Shares of INDUS Realty Trust were up Wednesday after the New York City-based industrial/logistics REIT announced a definitive merger agreement under which affiliates of Centerbridge Partners, L.P. and GIC Real Estate, Inc. will acquire all the company’s outstanding shares in an all-cash transaction valued at approximately $868 million.
The transaction represents a 17% premium to INDUS’ unaffected stock price on Nov. 25, 2022, the date of Centerbridge’s initial public announcement that it intended to make a takeover offer with GIC. The privatization is expected to close in summer 2023.
“After conducting an extensive process to explore the Company’s strategic alternatives, we are pleased to have reached an agreement with Centerbridge and GIC,” said Michael Gamzon, INDUS’ president and CEO. “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.”
Pictured: INDUS Realty Trust’s 5220 Jandl Blvd. in Bethlehem, PA.
- ◦Sale/Acquisition
