{"id":1004775814,"date":"2025-10-27T03:37:22","date_gmt":"2025-10-27T11:37:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004775814"},"modified":"2025-11-04T04:32:34","modified_gmt":"2025-11-04T12:32:34","slug":"ares-jv-to-pay-2-1b-for-industrial-reit","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ares-jv-to-pay-2-1b-for-industrial-reit\/","title":{"rendered":"Ares JV to Pay $2.1B for Industrial REIT"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a1de293ce5c2&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004775815\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ares-jv-to-pay-2-1b-for-industrial-reit\/plymouth-reit-ares-featured\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Plymouth-REIT-ARES-Featured.jpg\" data-orig-size=\"640,480\" 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;0&quot;}\" data-image-title=\"Plymouth-REIT-ARES-Featured\" data-image-description=\"&lt;p&gt;Proprietary image obtained from Yardi Matrix&#8217;s database. &lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Plymouth\u2019s acquisitions this year include a 2 million square foot portfolio sold by Investcorp. This 317,000-square-foot property in Columbus was part of the collection. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Plymouth-REIT-ARES-Featured.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Plymouth-REIT-ARES-Featured.jpg\" alt=\"Exterior shot depicting one of the Ohio properties that was part of a 2 million-square-foot acquisition by Plymouth REIT earlier this year.\" class=\"wp-image-1004775815\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Plymouth-REIT-ARES-Featured.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Plymouth-REIT-ARES-Featured.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Plymouth\u2019s acquisitions this year include a 2 million-square-foot portfolio sold by Investcorp. This 317,000-square-foot property in Columbus was part of the collection. <em>Image courtesy of Yardi Matrix<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Ares Alternative Credit Funds, together with Makarora Management, will acquire Plymouth Industrial REIT in an all-cash deal valued at $2.1 billion, including the assumption of certain outstanding debt.<\/p>\n\n\n\n<p>The deal is on track to close in early 2026, subject to approval by Plymouth\u2019s shareholders and other closing conditions. The REIT will sell all outstanding interests for $22.00 per share, which marks a 50 percent premium compared to the closing stock price of Aug. 18, 2025.<\/p>\n\n\n\n<p>Back in August, Plymouth received another purchase offer. Sixth Street Partners, which owned 9.99 percent of the REIT\u2019s stock at the time, <a href=\"https:\/\/www.commercialsearch.com\/news\/sixth-street-offers-to-buy-plymouth-industrial-at-1-1b-valuation\/\">sent an unsolicited, non-binding acquisition proposal<\/a> for $24.10 per share.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/is-industrial-cre-benefiting-from-tariffs-and-reshoring\/\">Is Industrial CRE Benefiting From Tariffs and Reshoring?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The REIT\u2019s portfolio spans throughout the Midwest and East Coast, according to prepared remarks by Chad Pike, founder &amp; CIO at Makarora. He previously served at Blackstone before founding Makarora last year.<\/p>\n\n\n\n<p>Plymouth wholly owned investments in 148 properties encompassing 32.1 million square feet across 11 states at the end of June, according to a second-quarter report. Additionally, the company also expanded its portfolio by 2 million square feet between March and June, paying $204.7 million.<\/p>\n\n\n\n<p>KeyBanc Capital Markets and JP Morgan acted as Plymouth\u2019s financial advisors, while Moelis &amp; Co., along with Citigroup Global Markets served as Makarora\u2019s financial advisors. Morrison &amp; Foerster and Alston &amp; Bird provided legal counsel for Plymouth. Greenberg Traurig and Simpson Thacher &amp; Bartlett issued legal advice for Makarora, while Latham &amp; Watkins and Kirkland &amp; Ellis served as Ares\u2019 attorneys. Dechert&nbsp;acted as Citi\u2019s legal advisor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cre-m-amp-as-may-ease-amid-emerging-alternatives\">CRE M&amp;As may ease amid emerging alternatives<\/h2>\n\n\n\n<p>As investors looked to scale their businesses, several mergers and acquisitions have closed this year. Last July, BlackRock <a href=\"https:\/\/www.commercialsearch.com\/news\/blackrock-plunges-deeper-into-industrial-with-elmtree-deal\/\">agreed to acquire ElmTree<\/a>, a company with $7.3 billion in assets under management.<\/p>\n\n\n\n<p>Yet, other ownership structures, including partnerships and joint ventures, may emerge as alternatives for mergers and acquisitions during challenging conditions, according to the 2026 <a href=\"https:\/\/www.deloitte.com\/us\/en\/insights\/industry\/financial-services\/financial-services-industry-outlooks\/commercial-real-estate-outlook.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Deloitte CRE Outlook Survey<\/a>. Just 39 percent of respondents considered M&amp;As likely in 2026, down from 48 percent in 2025.<\/p>\n\n\n\n<p>In another <a href=\"https:\/\/www.commercialsearch.com\/news\/commercial-real-estate-trends\/\">commercial real estate trend<\/a> noticed by Deloitte, publicly traded REITs appeared to be turning to partnerships with private capital providers, such as pension funds or sovereign wealth funds, to diversify their income and scale up their business models. However, other REITs had different approaches for expansion.<\/p>\n\n\n\n<p>In July, Starwood\u2019s publicly traded REIT closed on a deal to <a href=\"https:\/\/www.commercialsearch.com\/news\/brookfields-net-lease-platform-commands-2-2b\/\">acquire Brookfield\u2019s net lease platform<\/a> for $2.2 billion. Dubbed Fundamental Income Properties, the traded assemblage comprised 467 properties encompassing 12 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The deal comes three months after Sixth Street Partners&#8217; bid for the same company.<\/p>\n","protected":false},"author":3471,"featured_media":1004775815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,23891,21742],"tags":[44687,37033],"class_list":["post-1004775814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-national","category-latest","tag-ares-management-corp","tag-plymouth-industrial-reit-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ares JV to Pay $2.1B for Industrial REIT - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Plymouth Industrial REIT agreed to Makarora and Ares&#039; 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