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Investors Centerbridge Partners and GIC Real Estate inked a deal to acquire Indus Realty Trust in an all-cash transaction valued at about $868M, or about $67 per share.
The sale was approved unanimously by the participating members of Indus' board of directors.
The price represents a premium of 17% to the company’s stock price on Nov. 25, 2022, when Centerbridge first said it planned a takeover of Indus, along with partner GIC. At the time, Centerbridge was already a major investor in Indus, holding about 14.8% of its common stock.
Indus stock ticked up about 5% on Wednesday morning to just over $66 per share. Over the last year, however, Indus stock has lost about 13% of its value.
Indus currently owns 42 industrial assets totaling about 6.1M SF in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida.
Centerbridge has about $36B in assets under management, including real estate, private equity and credit. GIC is the sovereign wealth fund of the Republic of Singapore.
Last year, Centerbridge acquired Westrec Marinas for about $400M and merged it with Suntex Marinas, creating an entity that owns about 50 marinas.
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