Plymouth Industrial has entered into a deal with Makarora Management and Ares Alternative Credit, which will take the publicly traded REIT private.
The all-cash transaction values Plymouth at approximately $2.1B, including debt — nearly twice Sixth Street Partners’ unsolicited takeover proposal in August.
A Plymouth Industrial REIT property in Adairsville, Georgia
“Plymouth’s portfolio of cost-competitive industrial assets in the Midwest and East Coast is strategically located within a day’s drive of 70% of the U.S. population,” Makarora founder and Chief Investment Officer Chad Pike said in a statement. “These properties are well positioned to capitalize on strong industrial demand from these major population centers.”
Makarora was launched in 2024 by the former Blackstone executive.
Plymouth owns 226 buildings totaling more than 32M SF across 10 markets. The REIT also has a joint venture stake in 5M SF of Chicago properties, according to its website.
Stockholders will receive $22 per share from the deal. Plymouth’s stock price dipped by roughly 2% in after-hours trading following the announcement Friday evening.
The transaction has been unanimously approved by Plymouth’s board of directors and is expected to close in early 2026, following shareholder and other regulatory approvals.
Plymouth will also conduct a 30-day “go-shop” period during which the firm will initiate, solicit and consider alternative acquisition proposals from third parties. If it receives a more favorable offer, the company can terminate the merger agreement.
The REIT plans to pay its third-quarter dividend, but it doesn’t plan to file its earnings release or host a conference call to discuss its financial results for the period.
