Singapore’s sovereign wealth fund GIC, through GIC Real Estate, and global investment firm Centerbridge Partners have agreed to take Nasdaq-listed logistics company INDUS Realty private in an all-cash deal valued at about $868m.
INDUS is a real estate business principally engaged in developing, acquiring, managing, and leasing industrial/logistics properties. It owns 42 industrial/logistics buildings aggregating to approximately 6.1 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina, and Florida in the US.
In a statement, INDUS Realty said it has entered into a definitive merger agreement with the affiliates of GIC and Centerbridge for the acquisition of all its shares.
Under the terms of the agreement, as approved by INDUS Realty’s Board of Directors, the company’s stockholders will receive $67 per share in cash, representing a 17% premium to the company’s stock price on November 25, 2022, the date of the first takeover announcement.
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The transaction is expected to close in the summer of 2023 and is subject to customary closing conditions.
“The transaction delivers immediate and significant value to our stockholders, and we believe it validates the quality of the platform and portfolio we have built over INDUS’ long history,” said Michael Gamzon, INDUS’ president and CEO.
Centerbridge Partners is a private investment management firm that focuses on private equity, credit, and real estate. It has approximately $36bn in capital under management as of December 31, 2022.
GIC, on the other hand, manages Singapore’s foreign reserves and invests in a wide range of asset classes and active strategies globally.
Last year, GIC spent over $39bn in 72 deals, with over half of the total piled into real estate, with a clear bias towards logistics properties, according to a report by industry specialist Global SWF.
In Asia Pacific, GIC spent $4bn on real estate in the region, making it the top real estate spender last year. Its allocation to real estate in Asia was upsized to 10% in 2022 from 8% last year, data from MSCI Real Assets showed.
Source: Deal Street Asia
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