{"id":1004501104,"date":"2020-12-22T04:40:10","date_gmt":"2020-12-22T12:40:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004501104"},"modified":"2020-12-23T01:40:45","modified_gmt":"2020-12-23T09:40:45","slug":"blackwells-makes-bid-to-buy-monmouth-reit","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackwells-makes-bid-to-buy-monmouth-reit\/","title":{"rendered":"Blackwells Makes Bid to Buy Monmouth REIT"},"content":{"rendered":"
\"\"<\/a>

Image by Andrea Piacquadio via Pexels.com<\/em><\/p><\/div>\n

Blackwells Capital LLC has made an offer to Monmouth Real Estate Investment Corp.\u2019s board of directors to acquire the REIT for $18.00 per share in an all-cash deal. The alternative investment management firm is already one of Monmouth\u2019s largest shareholders.<\/p>\n

\n

READ ALSO<\/strong>: FedEx Warehouse Commands $73M in Columbus<\/a><\/p>\n

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Blackwells asserted that its offer \u201crepresents a 21.6 percent premium to the unaffected share price as of December 1, 2020\u2026.\u201d The transaction reportedly is valued at about $3.8 billion, including the assumption of debt.<\/p>\n

Blackwells Chief Investment Officer Jason Aintabi said in a prepared statement that \u201cMonmouth has significantly underperformed comparable industrial REITs over the last five years, further exacerbated by the stock\u2019s lack of liquidity.\u201d<\/p>\n

His company\u2019s cash offer, Aintabi continued, \u201cprovides shareholders immediate liquidity at a 17 percent premium above consensus net asset value\u2026. Our offer also represents a premium to unaffected price well above the average premium for completed REIT deals over the last five years.\u201d<\/p>\n

That\u2019s the short version.<\/p>\n

The longer version, with a little drama<\/h2>\n

Aintabi added that Blackwells made its first offer\u2014privately\u2014on Dec. 1, after which he \u201chad a constructive dialog with [Monmouth\u2019s] CEO Michael Landy, who expressed enthusiasm and a desire to engage.\u201d<\/p>\n

He asserts, however, that Michael\u2019s father, Monmouth Chairman Eugene Landy, stepped in and stated that exploring the Blackwells offer would \u201cnot be in the best interests of the company.\u201d Aintabi went on to call for the formation of a special committee of the Monmouth board, one that would exclude members and affiliates of the Landy family, to review Blackwells\u2019 offer.<\/p>\n

Later on Monday, Monmouth released its own statement, confirming receipt of both the Dec. 1 offer (for $16.75 per share) and the second offer. Monmouth characterized the latter as \u201chighly conditional\u201d and as reflecting \u201ca 5.9 percent premium to the Company\u2019s closing stock price on December 18, 2020,\u201d in other words, not the 21.6 percent premium asserted by Blackwells.<\/p>\n

Monmouth stated that its board and financial and legal advisors unanimously agreed that the original offer \u201cdid not reflect Monmouth\u2019s strategic value or future prospects\u2026.\u201d The REIT noted, however, that it will \u201ccarefully review and consider the revised proposal at its next meeting.\u201d<\/p>\n

Founded in 1968, Monmouth is one of the world\u2019s oldest public equity REITs. It specializes in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth\u2019s property portfolio consists of 120 properties aggregating about 23.9 million rentable square feet, across 31 states.<\/p>\n

A couple of recent deals exemplify Monmouth\u2019s investment approach. In May, the company acquired a 286,281-square-foot industrial building<\/a> in Whitsett, N.C., from SunCap Property Group for $47.6 million.<\/p>\n

And earlier this month, Monmouth closed on its purchase of a brand-new industrial building in Plain City, Ohio, in metro Columbus. The 488,000-square foot was sold by 42 Real Estate for $73.3 million. Both properties are fully leased to FedEx.<\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction is valued at $3.8 billion, including the assumption of debt\u2014but there are complications. <\/p>\n","protected":false},"author":882,"featured_media":1004481550,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21743,21808,21748,23891,21742],"tags":[34865,33340],"class_list":["post-1004501104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-deals","category-featured","category-industrial","category-national","category-latest","tag-michael-landy","tag-monmouth-real-estate-investment-corporation"],"acf":[],"yoast_head":"\nBlackwells Makes Bid to Buy Monmouth REIT - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackwells-makes-bid-to-buy-monmouth-reit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackwells Makes Bid to Buy Monmouth REIT\" \/>\n<meta property=\"og:description\" content=\"The transaction is valued at $3.8 billion, including the assumption of debt\u2014but there are complications.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackwells-makes-bid-to-buy-monmouth-reit\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-22T12:40:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-23T09:40:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/pexels-andrea-piacquadio-3771097.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackwells-makes-bid-to-buy-monmouth-reit\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/blackwells-makes-bid-to-buy-monmouth-reit\/\",\"name\":\"Blackwells Makes Bid to Buy Monmouth REIT - 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