Plymouth Industrial REIT agrees to $2.1 billion acquisition by Makarora

Plymouth Industrial REIT Inc. (NYSE: PLYM) announced it has entered into a definitive merger agreement with entities affiliated with Makarora Management LP and Ares Alternative Credit funds to be acquired for $22.00 per share in an all-cash transaction valued at approximately $2.1 billion, including assumed debt.

The purchase price represents a 50% premium to Plymouth's closing stock price on August 18, 2025, the last trading day before Sixth Street Partners filed a Schedule 13D disclosing a non-binding acquisition proposal for Plymouth shares.

Plymouth's Board of Directors unanimously approved the transaction, which is expected to close in early 2026, subject to shareholder approval and customary regulatory approvals. The company will conduct a 30-day "go-shop" period through November 23, 2025, allowing Plymouth to solicit alternative acquisition proposals.

"This all-cash transaction will deliver significant, immediate and certain value to Plymouth shareholders," said Jeff Witherell, Plymouth's CEO and Co-Founder.

Plymouth owns industrial properties in the Midwest and East Coast, with assets located within a day's drive of 70% of the U.S. population. Makarora, established in 2024, focuses on commercial real estate investments across opportunistic credit, structured capital, and equity.

Upon completion, Plymouth will become private and its shares will no longer trade on the NYSE. The company will pay its previously announced third quarter dividend on October 31, 2025, and may pay additional dividends necessary to maintain its REIT tax status.

KeyBanc Capital Markets and J.P. Morgan Securities served as Plymouth's financial advisors, while Morrison & Foerster and Alston & Bird provided legal counsel. Moelis & Company led Makarora's financial advisory team, with Citigroup also advising.

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