{"id":1004556952,"date":"2021-11-05T05:21:10","date_gmt":"2021-11-05T13:21:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004556952"},"modified":"2022-12-09T02:38:50","modified_gmt":"2022-12-09T10:38:50","slug":"breaking-news-ilpt-to-buy-monmouth-for-4b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/breaking-news-ilpt-to-buy-monmouth-for-4b\/","title":{"rendered":"ILPT to Buy Monmouth for $4B"},"content":{"rendered":"<div id=\"attachment_1004556961\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Handshake-numbers_-by-Gerd-Altmann_-Pixabay_800x620.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004556961\" data-attachment-id=\"1004556961\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/breaking-news-ilpt-to-buy-monmouth-for-4b\/handshake-numbers_-by-gerd-altmann_-pixabay_800x620\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Handshake-numbers_-by-Gerd-Altmann_-Pixabay_800x620.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Handshake with figures\" data-image-description=\"&lt;p&gt;Two men shaking hands with numbers around them&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Image by Gerd Altmann via Pixabay.com&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Handshake-numbers_-by-Gerd-Altmann_-Pixabay_800x620.jpg?w=800\" class=\"size-medium wp-image-1004556961\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Handshake-numbers_-by-Gerd-Altmann_-Pixabay_800x620.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Handshake-numbers_-by-Gerd-Altmann_-Pixabay_800x620.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Handshake-numbers_-by-Gerd-Altmann_-Pixabay_800x620.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/Handshake-numbers_-by-Gerd-Altmann_-Pixabay_800x620.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004556961\" class=\"wp-caption-text\">Image by Gerd Altmann via Pixabay.com<\/p><\/div>\n<p>Apparently ending the long quest for Monmouth Real Estate Investment Corp. by multiple suitors, Industrial Logistics Properties Trust will acquire the industrial REIT in a $4 billion deal, ILPT said on Friday morning.<\/p>\n<p>The acquisition will add Monmouth\u2019s 26 million-square-foot, 126-property portfolio to ILPT\u2019s holdings, which currently encompass 290 properties and 36 million square feet. Closing is expected during the first half of 2022.<\/p>\n<p>The Monmouth acquisition will bring such major new tenants as Home Depot, International Paper and Toyota. Geographic diversity is another attraction; Monmouth has a presence in 32 states, and gives ILPT the significant addition of footprints in Georgia and Texas. Other potential benefits will include the addition of e-commerce-focused, Class A properties, enhanced scale and an active pipeline for growth, ILPT added.<\/p>\n<p>A major aspect of the acquisition that is yet to be announced is its complete financing. ILPT expects to strike a joint venture partnership with at least one institutional investor valued at between $430 million and $1.3 billion.<\/p>\n<p>Also in the financing mix: Proceeds from new mortgage debt and the assumption of $409 million in Monmouth\u2019s mortgage debt. ILPT also said it may sell as much as $1.6 billion worth of Monmouth assets; the extent of those dispositions depends on the size of the joint venture partnership.<\/p>\n<p>Today\u2019s announcement is the latest step in a long-running pursuit of Monmouth. In August, the REIT\u2019s shareholders rejected a <a href=\"https:\/\/www.commercialsearch.com\/news\/monmouth-shareholders-say-no-to-3-4b-merger-with-eqc\/\">$3.4 billion offer<\/a> from Equity Commonwealth, despite the proposal\u2019s backing from Monmouth\u2019s own board of directors. Starwood Capital Group jumped in with an unsolicited offer in July, and Blackwells Capital Group LLC made a $3.8 billion bid in December 2020.<\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This deal would end a long pursuit by multiple investors.<\/p>\n","protected":false},"author":2492,"featured_media":1004556961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,23891,21742],"tags":[47534,33340],"class_list":["post-1004556952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-national","category-latest","tag-industrial-logistics-properties-trust","tag-monmouth-real-estate-investment-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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