Makarora Management LP and Ares Alternative Credit funds have officially completed the acquisition of Boston-based Plymouth Industrial REIT, Inc. in a previously announced all-cash transaction valued at approximately $2.1 billion. Plymouth shareholders approved the deal late last week.
As part of the transaction, initially announced in October, shareholders of Plymouth will receive $22.00 per share in cash. Following the completion of the deal, Plymouth will no longer be traded or listed on any public securities exchange.
KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC served as financial advisors to Plymouth. Legal counsel for Plymouth was provided by Morrison & Foerster LLP and Alston & Bird LLP.
On the buyer’s side, Moelis & Company LLC acted as the lead financial advisor to Makarora, with additional advisory support from Citigroup Global Markets Inc. Makarora received legal counsel from Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP. Legal advisors to Ares included Latham & Watkins LLP and Kirkland & Ellis LLP, while Dechert LLP served as legal counsel to Citigroup.
Pictured: A Plymouth Industrial REIT property in Newton, NC.
