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Funding agency Centerbridge Companions and Singapore’s sovereign wealth fund, GIC, have closed their $868 million all-cash buy of INDUS Realty Belief’s excellent widespread inventory. A subsidiary of the Abu Dhabi Funding Authority may even act as a strategic investor.
Morgan Stanley suggested INDUS on the deal, with Latham & Watkins offering authorized counsel. BofA Securities and J.P. Morgan Securities suggested Centerbridge and GIC, whereas Customary Chartered supplied acquisition financing to each patrons. Simpson Thacher & Bartlett LLP and Skadden, Arps, Slate, Meagher & Flom LLP acted as Centerbridge’s and GIC’s authorized advisers, respectively.
Stockholders obtained $67.00 in money per share, a 17 % premium to INDUS’ unaffected inventory value on November 25, 2022, the date Centerbridge and GIC made their bid to amass the REIT. INDUS’ widespread inventory will likely be delisted from Nasdaq on account of the acquisition.
INDUS focuses on the event, acquisition, administration and leasing of commercial and logistics properties. The REIT owns 44 industrial and logistics buildings totaling 6.6 million sq. toes in Connecticut, Florida, North Carolina, Pennsylvania and South Carolina.
Centerbridge has been energetic within the industrial and logistics house, forming a three way partnership with Dalfen Industrial earlier this 12 months to focus on acquisitions of commercial outside storage belongings all through the U.S. The partnership plans to put money into properties that supply cupboard space for car parking, containers and trailers, in addition to for building supplies and equipment, in markets with vital logistics nodes and main ports.
