New York & Tri-State + New Jersey + Industrial | December 22, 2020

Monmouth REIT Mulls Unsolicited Bid from Blackwells

Monmouth Real Estate Investment Corporation, based in Holmdel. NJ, said Monday it had received an unsolicited proposal from Blackwells Capital LLC to acquire the outstanding shares of the company for $18.00 per share in cash, a valuation of nearly $1.8 billion. The Dec. 21 proposal follows an earlier bid from Blackwells for $16.75 per share, which the industrial REIT rejected.

In a statement, Monmouth’s board said it would “carefully review and consider the revised proposal at its next meeting.”

New York City-based Blackwells called for a special committee of the board to review its proposal. CIO Jason Aintabi said, “As a public company, Monmouth has significantly underperformed comparable industrial REITs over the last five years, further exacerbated by the stock’s lack of liquidity. Blackwells’ cash offer provides shareholders immediate liquidity at a 17% premium above consensus net asset value – though the stock has long traded at a discount to it.”

Pictured: A Monmouth industrial property in Pittsburgh.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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