Lehigh Valley Tradeport II constructing at 5210 Jaindl Blvd. in Bethlehem, Pa. Picture courtesy of CommercialEdge
Associates of personal funding agency Centerbridge Companions and GIC Actual Property Inc., Singapore’s sovereign wealth fund, will purchase all the excellent shares of INDUS Realty Belief Inc. following a definitive settlement valued at about $868 million. Taking part members of the INDUS board unanimously permitted the all-cash deal.
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INDUS stockholders will obtain $67.00 per share in money, topic to sure changes, representing a 17 p.c premium to INDUS’ unaffected inventory worth on Nov. 25, 2022, the date of Centerbridge’s preliminary public announcement that it supposed to make a takeover provide alongside GIC.
The transaction is anticipated to shut this summer time, topic to customary closing circumstances, and isn’t contingent on the receipt of financing by the patrons. Upon completion, INDUS will develop into a privately held firm and its widespread inventory will now not be listed on Nasdaq.
An industrial staple
INDUS engages principally in growing, buying, managing and leasing industrial/logistics properties. It owns 42 such buildings totaling about 6.1 million sq. toes in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida.
Morgan Stanley & Co. LLC is unique monetary advisor to INDUS, and Latham & Watkins LLP is serving as authorized counsel.
BofA Securities Inc. and J.P. Morgan Securities LLC are the monetary advisors to Centerbridge and GIC. Simpson Thacher & Bartlett LLP is the authorized counsel to Centerbridge, and Skadden, Arps, Slate, Meagher & Flom LLP is GIC’s authorized counsel.
GIC’s large strikes
It was barely three weeks in the past that GIC and companion Oak Avenue accomplished their acquisition, introduced final September, of internet lease REIT STORE Capital. That deal closed at about $15 billion, or roughly $1 billion above its initially estimated worth.
That worth enhance, based on some observers, may have been even heftier had the deal not taken place when it did, due to ongoing will increase in the price of capital.
