Plymouth Industrial REIT, based in Boston, has entered into a strategic agreement with global investment firm Sixth Street. This partnership will provide long-term growth capital to accelerate earnings and expand the company’s presence in key industrial markets. With a $250 million investment from Sixth Street, Plymouth can continue to grow without relying solely on public equity markets.
The collaboration between Plymouth and Sixth Street consists of two main components: First is an equity joint venture where Plymouth will contribute its Chicago portfolio of 34 properties totaling approximately 5.9 million square feet, representing 65% of the required equity. The second component is $140 million worth of non-convertible Series C Cumulative Perpetual Preferred Units from the company’s operating partnership.
According to Jeff Witherell, co-founder, chairman and CEO of Plymouth Industrial REIT: “Teaming up with Sixth Street allows us access to significant capital for profitable expansion while staying within our leverage boundaries set for 2024.” Pictured above is one example property owned by Plymouth Industrial REIT located in Libertyville IL.
