Connect News Commercial Real Estate news for every market and every facet, every day.
Connect CRE Events Live and virtual events bringing together the best of information and networking.
CRE Industry Events Live industry events.
Connect Creative A full service marketing and PR agency.
Connect Classroom Offering CRE focused continuing education courses on demand.
ApartmentBuildings.com Is a dynamic platform to search for, list and promote multifamily listings nationwide.
Connect Awards View the A-list of commercial real estate & submit nominations.
Connect Media Kit Advertise, Promote, Attend, Create – Work with Connect.
Loantuitive Find the right lender for your loan.
About Connect Meet the team behind the machine and taste a little of the secret sauce.
Connect News

Your source for daily news covering CRE transactions and trends. Stay informed on national, regional and property sector news that matters to your business.

Connect Classroom

Offering on-demand online courses that provide continuing education credits for brokers, attorneys, appraisers and architects. Select from easily accessible video and written courses that cover a variety of CRE topics.

Find Your Course
High-rise commercial buildings

STAY INFORMED

News when you need it. All our Breaking News, right to your inbox.

Sub Markets

Property Sectors

Topics

Boston & New England CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Boston & New England  + Boston  + Industrial  |  August 27, 2024
Paul Bubny
By: Paul Bubny

Plymouth Industrial REIT Partners with Sixth Street for Growth Capital

Boston-based Plymouth Industrial REIT has formed a strategic agreement with global investment firm Sixth Street for long-term growth capital to accelerate earnings growth and scale the platform in key industrial markets. The $250-million strategic investment from Sixth Street enables Plymouth to fund additional growth on a leverage-neutral basis without exclusive reliance on the public equity markets.

The Sixth Street investment in Plymouth is facilitated through two principal components: (i) $116 million, or 65% of the required equity in a joint venture wherein Plymouth will contribute its Chicago portfolio of 34 wholly owned properties comprising approximately 5.9 million square feet, and (ii) $140 million of non-convertible Series C Cumulative Perpetual Preferred Units of the company’s operating partnership. 

“By teaming up with Sixth Street, we are able to access a significant amount of capital to fuel accretive growth while keeping us within our stated leverage boundaries for 2024,” said Jeff Witherell, co-founder, chairman and CEO of Plymouth.

Pictured: A Plymouth Industrial REIT property in Libertyville, IL.

Connect

Inside The Story

Plymouth REIT's Witherell

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).
Order Reprints
  • ◦Sale/Acquisition
  • ◦Financing