Centerbridge, GIC Wrap $868M INDUS Buy

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Investment firm Centerbridge Partners and Singapore’s sovereign wealth fund, GIC, have closed their $868 million all-cash purchase of INDUS Realty Trust’s outstanding common stock. A subsidiary of the Abu Dhabi Investment Authority will also act as a strategic investor.

Morgan Stanley advised INDUS on the deal, with Latham & Watkins providing legal counsel. BofA Securities and J.P. Morgan Securities advised Centerbridge and GIC, while Standard Chartered provided acquisition financing to both buyers. Simpson Thacher & Bartlett LLP and Skadden, Arps, Slate, Meagher & Flom LLP acted as Centerbridge’s and GIC’s legal advisers, respectively.

Stockholders received $67.00 in cash per share, a 17 percent premium to INDUS’ unaffected stock price on November 25, 2022, the date Centerbridge and GIC made their bid to acquire the REIT. INDUS’ common stock will be delisted from Nasdaq as a result of the acquisition.

INDUS focuses on the development, acquisition, management and leasing of industrial and logistics properties. The REIT owns 44 industrial and logistics buildings totaling 6.6 million square feet in Connecticut, Florida, North Carolina, Pennsylvania and South Carolina.

Centerbridge has been active in the industrial and logistics space, forming a joint venture with Dalfen Industrial earlier this year to target acquisitions of industrial outdoor storage assets throughout the U.S. The partnership plans to invest in properties that offer storage space for vehicle parking, containers and trailers, as well as for construction materials and machinery, in markets with significant logistics nodes and major ports.