Plymouth Industrial REIT announced it has entered into a definitive merger agreement under which entities affiliated with Makarora Management and Ares Management Corporation’s alternative credit funds will acquire all outstanding shares of Plymouth common stock and the limited partnership interests of Plymouth Industrial OP for $22 per share in cash, in a transaction valued at approximately US$2.1 billion, including the assumption of certain debt.
The purchase price represents a premium of about 50% to Plymouth’s unaffected closing price on August 18, 2025, the day prior to a non-binding acquisition proposal by affiliates of Sixth Street Partners. The deal has unanimous approval from Plymouth’s board and is expected to close in early 2026, subject to shareholder approval and customary regulatory conditions. Plymouth will maintain a 30-day “go-shop” period until Nov. 23, 2025, during which it may solicit superior proposals from third parties.
Upon closing, Plymouth will become a private company and its common shares will be deregistered under the Securities Exchange Act, ceasing trading on the NYSE. The company will also pay its announced third-quarter dividend on Oct. 31, 2025, and limit other dividends to maintain its REIT status during the merger period.
KEY QUOTES:
“This all-cash transaction will deliver significant, immediate and certain value to Plymouth shareholders.”
Jeff Witherell, CEO & Co-Founder, Plymouth Industrial REIT
“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. These properties are well positioned to capitalize on strong industrial demand from these major population centers. Makarora is committed to providing flexible capital solutions to U.S. real estate businesses, and we are excited to partner with the Plymouth team.”
Chad Pike, Founder & CIO, Makarora Management LP
“We are pleased to partner with Makarora to be both a flexible and scaled partner in an investment secured by a diverse portfolio of industrial properties, which is underscored by attractive market fundamentals and demonstrated asset performance.”
Joel Holsinger, Co-Head of Alternative Credit, Ares Management Corporation
