Indus Realty Trust Receives Acquisition Proposal

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Indus Realty Trust Inc. has received an unsolicited, non-binding proposal from Centerbridge Partners L.P., which currently owns about 14.8 percent of Indus common stock, and GIC Real Estate, the CRE arm of Singapore’s sovereign wealth fund, to acquire 100 percent of the outstanding shares of Indus common stock for cash consideration of $65.00 per share, the industrial/logistics REIT announced on Monday, Nov. 28.

In a prepared statement, Indus stated that its board will review the proposal to determine the best path forward that maximizes value for the company’s shareholders.

An Indus spokesperson confirmed to Commercial Property Executive that no further information is being released about the acquisition offer at this time.

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Morgan Stanley & Co. LLC is serving as financial advisor to Indus, and Latham & Watkins LLP is legal counsel.

A Wall Street Journal affiliate reported Monday that Indus shares had jumped about 10 percent, to $63, in premarket trading that morning after the announcement. The report added that the offer of $65.00 per share represented an almost 14 percent premium to Friday’s closing price, of $57.28.

Indus owns 42 industrial/logistics buildings totaling about 6.1 million square feet in the Hartford, Conn.; Lehigh Valley, Pa.; Charlotte, N.C.; Charleston, S.C.; and Central/Southern Florida markets.

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GIC has made several major moves over the past 18 months. In the most recent, in September GIC and Oak Street announced their intent to acquire net lease REIT STORE Capital for $14 billion and take it private.

In June 2021, GIC said it would enter into a $3.9 billion series of limited liability partnerships with data center developer Equinix Inc., intended to help expand the latter’s xScale facilities across Europe, Asia-Pacific and the Americas.

And in July 2021, GIC partnered with Boston Properties Inc and Canada Pension Plan Investment Board to create a $1 billion co-investment program to invest in U.S. office properties.