Centerbridge Partners, GIC Real Estate to acquire Indus Realty Trust for $868m

Affiliates of investment firm Centerbridge Partners and institutional investor GIC Real Estate will acquire all of the outstanding shares of Indus Realty Trust, a US-based industrial/logistics real estate investment trust (REIT), for around $868 million in cash.

Shareholders of Indus Realty Trust are being offered $67 per share.

Post-closing, Indus Realty Trust will become a privately held company and its common stock will no longer be listed on Nasdaq.

Indus Realty Trust develops, acquires, manages, and leases industrial/logistics properties, with 42 industrial/logistics buildings aggregating approximately 6.1 million square feet in Connecticut, North Carolina, Pennsylvania, South Carolina, and Florida.

Michael Gamzon — Indus Realty Trust President and CEO said: “After conducting an extensive process to explore the Company’s strategic alternatives, we are pleased to have reached an agreement with Centerbridge and GIC.

“The transaction delivers immediate and significant value to our stockholders, and we believe it validates the quality of the platform and portfolio we have built over INDUS’ long history.”

Morgan Stanley & Co is acting as the exclusive financial advisor to Indus and Latham & Watkins is the legal counsel in connection with the transaction.

BofA Securities and J.P. Morgan Securities are acting as financial advisors to GIC and Centerbridge Partners.

Simpson Thacher & Bartlett is serving as legal counsel to Centerbridge Partners while Skadden, Arps, Slate, Meagher & Flom is serving as legal counsel to GIC.

The close of the transaction is anticipated in the summer of 2023, subject to regulatory approvals and certain customary closing conditions.

Founded in 2005, Centerbridge Partners has approximately $36 billion in capital under management as of 31 December 2022, with offices in New York and London.

GIC was established in 1981 to secure Singapore’s financial future and currently has a global workforce of more than 1,900 people in 11 major financial cities, with investments in more than 40 countries.