Boston-based Plymouth Industrial REIT, Inc. said Friday it had reached a definitive agreement for entities affiliated with Makarora Management LP, along with Ares Alternative Credit funds, to acquire all outstanding shares of Plymouth’s common stock and all outstanding limited partnership interests of Plymouth Industrial OP, LP for $22.00 per share. The all-cash transaction is valued at approximately $2.1 billion, including the assumption of debt.
The purchase price represents a premium of approximately 50% to Plymouth’s unaffected closing common stock price on August 18, 2025, the last trading day prior to the filing of a Schedule 13D by affiliates of Sixth Street Partners, LLC disclosing a non-binding proposal to acquire all of the outstanding shares of Plymouth’s common stock.
“This all-cash transaction will deliver significant, immediate and certain value to Plymouth shareholders,” said Jeff Witherell, CEO and co-founder of Plymouth.
At Makarora, founder and CIO Chad Pike said, “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.”
Plymouth intends to conduct a 30-day “go-shop” period expiring on Nov. 23. Assuming a superior proposal does not materialize, the privatization is expected to close in early 2026.
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