Centerbridge Partners and GIC Real Estate have made a bid for industrial property owner Indus Realty Trust, offering $65 per share for the New York-based REIT, which would value the company at $662.5M.

The offer represents a 13.5% premium to Friday's closing price of $57.28 a share for Indus. On Monday morning, Indus stock shot upward more than 10%.

Centerbridge is already a major investor in Indus, holding about 14.8% of the company’s common stock. The proposal would see Centerbridge and GIC pay cash for the rest of its outstanding shares.

Indus, which owns 42 industrial buildings totaling about 6.1M SF in the eastern U.S., called the buyout offer "unsolicited" but said in a statement that it will review the proposal.

Though $65 a share represents a premium from last week, Indus shares, along with most REITs, even industrial specialists, are down compared with this time last year. A year ago, Indus traded for about $74.50 per share, and at the beginning of 2022, reached as high as $82.25 per share.

After a total return of more than 62% in 2021, industrial REIT stocks have lost more than 30% so far this year, according to NAREIT.

Indus reported funds from operations of $5.7M, in Q3 2022, up from $3.8M, for the third quarter of 2021. The company's 3Q 2022 net income was $1.1M, up from a loss of $3.5M in Q3 2021.