Centerbridge Partners, GIC complete $868m INDUS Realty Trust acquisition

Centerbridge Partners and GIC Real Estate have completed the acquisition of INDUS Realty Trust, a real estate investment trust (REIT) focused on industrial/logistics properties, in a merger deal worth $868 million.

The acquisition by affiliates of Centerbridge Partners, a global private investment firm specializing in real estate, and GIC, a global institutional investor, was previously announced in February 2023. In addition, a subsidiary of the Abu Dhabi Investment Authority (ADIA) is set to act as a strategic investor alongside Centerbridge Partners post-transaction.

Billy Rahm — Centerbridge Partners Global Head of Real Estate said: “We are excited to partner with ADIA and GIC to continue to grow the business both organically and through acquisitions. We remain confident in the long-term, secular thesis supporting investment in industrial real estate. The INDUS portfolio represents a compelling example of that thesis.”

With the completion of the merger, INDUS Realty Trust’s common stock will cease trading on the Nasdaq and will be delisted. According to the terms of the merger agreement, INDUS Realty Trust stockholders are set to receive $67 per share in cash at the closing of the transaction.

Michael Gamzon — INDUS Realty Trust President and CEO said: “We are excited to have closed this transaction and look forward to the Company’s next phase under Centerbridge, GIC and ADIA’s ownership.

“We are pleased to deliver significant value to our stockholders and are grateful for their support over the years. I would like to thank all of our employees for their commitment to our Company and efforts to build our high-quality portfolio and platform. This transaction is an incredible validation of their efforts.”

INDUS Realty Trust, headquartered in Connecticut, specializes in the development, acquisition, management, and leasing of industrial/logistics properties. The company’s portfolio encompasses 44 industrial/logistics buildings, totaling 6.6 million square feet across key markets in Connecticut, Pennsylvania, North Carolina, South Carolina, and Florida.