Plymouth Industrial REIT Announces Agreement to Be Acquired by Makarora for $2.1 Billion

Core Viewpoint - Plymouth Industrial REIT, Inc. has entered into a definitive merger agreement with Makarora Management LP and Ares Alternative Credit funds, where they will acquire all outstanding shares of Plymouth's common stock for $22.00 per share, valuing the transaction at approximately $2.1 billion, including debt assumption [1][2][4]. Transaction Details - The purchase price represents a premium of about 50% over Plymouth's unaffected closing stock price on August 18, 2025, prior to a non-binding acquisition proposal from Sixth Street Partners [2]. - The transaction has been unanimously approved by Plymouth's Board of Directors and is expected to close in early 2026, pending shareholder and regulatory approvals [4]. Strategic Positioning - Plymouth's portfolio consists of cost-competitive industrial assets located strategically within a day's drive of 70% of the U.S. population, positioning it well to meet strong industrial demand [3]. - Makarora aims to provide flexible capital solutions to U.S. real estate businesses, highlighting the attractiveness of Plymouth's diverse portfolio and market fundamentals [3]. Go-Shop Period - Plymouth will conduct a 30-day "go-shop" period until November 23, 2025, allowing for the solicitation of alternative acquisition proposals [5]. - The Board of Directors retains the right to terminate the Merger Agreement for a superior proposal, although there is no assurance that this will occur [5]. Dividend Information - Plymouth will pay its third-quarter dividend on October 31, 2025, and may pay dividends necessary to maintain its REIT status, but may not pay other dividends during the Merger Agreement term [6]. Post-Transaction Status - Upon completion of the merger, Plymouth will become a private company, and its shares will be de-registered under the Securities Exchange Act, ceasing to trade on the NYSE [7].