{"id":1004647428,"date":"2023-02-23T03:15:44","date_gmt":"2023-02-23T11:15:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004647428"},"modified":"2023-04-07T03:50:36","modified_gmt":"2023-04-07T11:50:36","slug":"gic-centerbridge-make-868m-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gic-centerbridge-make-868m-buy\/","title":{"rendered":"GIC, Centerbridge Make $868M Buy"},"content":{"rendered":"
\"Lehigh<\/a>

Lehigh Valley Tradeport II building at 5210 Jaindl Blvd. in Bethlehem, Pa. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

Affiliates of private investment firm Centerbridge Partners<\/strong> and GIC Real Estate Inc.<\/strong>, Singapore\u2019s sovereign wealth fund, will acquire all of the outstanding shares of INDUS Realty Trust Inc.<\/strong> following a definitive agreement valued at about $868 million. Participating members of the INDUS board unanimously approved the all-cash deal.<\/p>\n

\n

READ ALSO:<\/strong> Trends That Will Shape Industrial Real Estate in 2023<\/a><\/p>\n

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INDUS stockholders will receive $67.00 per share in cash, subject to certain adjustments, representing a 17 percent premium to INDUS\u2019 unaffected stock price on Nov. 25, 2022, the date of Centerbridge\u2019s initial public announcement that it intended to make a takeover offer alongside GIC.<\/p>\n

The transaction is expected to close this summer, subject to customary closing conditions, and is not contingent on the receipt of financing by the buyers. Upon completion, INDUS will become a privately held company and its common stock will no longer be listed on Nasdaq.<\/p>\n

An industrial staple<\/h2>\n

INDUS engages principally in developing, acquiring, managing and leasing industrial\/logistics properties. It owns 42 such buildings totaling about 6.1 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida.<\/p>\n

Morgan Stanley & Co. LLC is exclusive financial advisor to INDUS, and Latham & Watkins LLP is serving as legal counsel.<\/p>\n

BofA Securities Inc. and J.P. Morgan Securities LLC are the financial advisors to Centerbridge and GIC. Simpson Thacher & Bartlett LLP is the legal counsel to Centerbridge, and Skadden, Arps, Slate, Meagher & Flom LLP is GIC\u2019s legal counsel.<\/p>\n

GIC’s big moves<\/h2>\n

It was barely three weeks ago that GIC and partner Oak Street completed their acquisition, announced last September, of net lease REIT STORE Capital. That deal closed at about $15 billion, or roughly $1 billion above its initially estimated value.<\/p>\n

That price increase, according to some observers<\/a>, could have been even heftier had the deal not taken place when it did, because of ongoing increases in the cost of capital.<\/p>\n","protected":false},"excerpt":{"rendered":"

INDUS owns 6.1 million square feet of industrial space across five states. <\/p>\n","protected":false},"author":882,"featured_media":1004647443,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,21742,10],"tags":[33650,51895],"class_list":["post-1004647428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-latest","category-northeast","tag-gic","tag-indus"],"acf":[],"yoast_head":"\nGIC, Centerbridge Make $868M Buy - CPE<\/title>\n<meta name=\"description\" content=\"Centerbridge Partners and GIC will acquire INDUS Realty Trust Inc., a publicly traded industrial real estate company, for about $868 million.\" \/>\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\/gic-centerbridge-make-868m-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GIC, Centerbridge Make $868M Buy\" \/>\n<meta property=\"og:description\" content=\"Centerbridge Partners and GIC will acquire INDUS Realty Trust Inc., a publicly traded industrial real estate company, for about $868 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gic-centerbridge-make-868m-buy\/\" \/>\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=\"2023-02-23T11:15:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-07T11:50:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Lehigh-Valley-Tradeport-II-5210-Jaindl-Blvd-e1677151074382.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\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\/gic-centerbridge-make-868m-buy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/gic-centerbridge-make-868m-buy\/\",\"name\":\"GIC, Centerbridge Make $868M Buy - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gic-centerbridge-make-868m-buy\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gic-centerbridge-make-868m-buy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Lehigh-Valley-Tradeport-II-5210-Jaindl-Blvd-e1677151074382.jpg\",\"datePublished\":\"2023-02-23T11:15:44+00:00\",\"dateModified\":\"2023-04-07T11:50:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"Centerbridge Partners and GIC will acquire INDUS Realty Trust Inc., a publicly traded industrial real estate company, for about $868 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gic-centerbridge-make-868m-buy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/gic-centerbridge-make-868m-buy\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gic-centerbridge-make-868m-buy\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Lehigh-Valley-Tradeport-II-5210-Jaindl-Blvd-e1677151074382.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Lehigh-Valley-Tradeport-II-5210-Jaindl-Blvd-e1677151074382.jpg\",\"width\":1000,\"height\":750,\"caption\":\"Lehigh Valley Tradeport II building at 5210 Jaindl Blvd. in Bethlehem, Pa. 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