Sachem Capital Corp. (NYSE American: SACH) and Industrial Realty Group announced a strategic combination that will create IRG Realty Trust, a combined entity with an implied enterprise value of approximately $3.4 billion.

Under the definitive contribution agreement, IRG will contribute 98 industrial assets from its 200-property portfolio to Sachem. The transaction values Sachem's common shares at $2.00 per share, representing a 90% premium to the 30-day volume-weighted average price.

Upon closing, IRG will receive operating partnership units representing 94.1% of outstanding equity, while existing Sachem shareholders will retain 5.9% ownership on a fully diluted basis. The combined company will operate as IRG Realty Trust and is expected to rank among the top-10 publicly listed industrial REITs based on enterprise value.

IRG Realty Trust will own 98 industrial properties with gross real estate asset value of $2.9 billion, plus Sachem's approximately $470 million in total assets including direct and indirect mortgage loans and real estate investments as of March 31, 2026.

"This accretive transaction provides a clear step forward for Sachem shareholders and IRG stakeholders creating a powerful industrial platform with greater scale," said John Villano, Chief Executive Officer of Sachem.

Stuart Lichter, Founder and Chairman of IRG, stated the transaction "will bring a high quality industrial real estate portfolio to the public market with scale, diversification, and a clear operating strategy."

The combined company's leadership will comprise Sachem executives and additions with industrial real estate experience. IRG Realty Advisors will support property and asset management operations following closing.

The transaction has received unanimous approval from Sachem's board of directors and is expected to close by the end of 2026, subject to customary conditions including Sachem shareholder approval.

Scotiabank serves as financial advisor to IRG, while Piper Sandler and Stout Risius Ross advise Sachem.