INDUS Announces Updates to Acquisition and Disposition Pipelines
June 03 2021 - 5:18PM
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the
“Company”) announced today that it recently entered into
an agreement (the “Purchase Agreement”) to acquire, for a purchase
price of $42.0 million, an approximately 50% leased, 395,000 square
foot industrial/logistics building in Charlotte, North Carolina
(the “Charlotte Acquisition”). Under the terms of the Purchase
Agreement, INDUS expects to close on the Charlotte Acquisition by
the end of the 2021 second quarter.
Michael Gamzon, President and Chief Executive
Officer of INDUS, commented, “We are very excited by this
opportunity to expand our presence in the Charlotte market. This
acquisition complements our existing portfolio and development
pipeline and offers additional upside as we pursue leasing
opportunities for the balance of the building.”
Additionally, on June 1, 2021, INDUS entered
into an agreement (the “Sale Agreement”) to sell the approximately
670 acres of land in Granby and East Granby, Connecticut that
comprise the Connecticut Nursery Farm for proceeds of $10.3
million. The Connecticut Nursery Farm is currently under a lease,
to a nursery operator, that is scheduled to expire on December 31,
2023. Under the terms of the Sale Agreement, INDUS expects to close
on the disposition of the Connecticut Nursery Farm by the end of
the 2021 fourth quarter.
Closing on the purchase of the Charlotte
Acquisition and the sale of the Connecticut Nursery Farm are each
subject to a number of contingencies including the satisfactory
completion of due diligence by INDUS on the Charlotte Acquisition,
and by the buyer of the Connecticut Nursery Farm. There can be no
guarantee that either of these transactions will be completed under
their current terms, anticipated timelines, or at all.
About INDUS
INDUS is a real estate business principally
engaged in developing, acquiring, managing and leasing
industrial/logistics properties. INDUS owns 42 buildings totaling
approximately 4.7 million square feet (including 31
industrial/logistics buildings aggregating approximately 4.3
million square feet) in Connecticut, Pennsylvania, North Carolina
and Florida in addition to over 3,400 acres of undeveloped
land.
Forward-Looking Statements:
This Press Release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements include
INDUS’s beliefs and expectations regarding future events or
conditions including, without limitation, statements regarding the
completion of the Charlotte Acquisition and the disposition of the
Connecticut Nursery Farm. Although INDUS believes that its plans,
intentions and expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such
plans, intentions or expectations will be achieved. The projected
information disclosed herein is based on assumptions and estimates
that, while considered reasonable by INDUS as of the date hereof,
are inherently subject to significant business, economic,
competitive and regulatory uncertainties and contingencies, many of
which are beyond the control of INDUS and which could cause actual
results and events to differ materially from those expressed or
implied in the forward-looking statements. Other important factors
that could affect the outcome of the events set forth in these
statements are described in INDUS’s Securities and Exchange
Commission filings, including the “Business,” “Risk Factors” and
“Forward-Looking Statements” sections in INDUS’s Annual Report on
Form 10-K for the fiscal year ended November 30, 2020, filed with
the Securities and Exchange Commission on February 18, 2021. INDUS
disclaims any obligation to update any forward-looking statements
as a result of developments occurring after the date of this press
release except as required by law.
CONTACT:Anthony
GaliciChief Financial
Officer(860) 286-1307
agalici@indusrt.com
Ashley PizzoDirector, IR & Capital
Markets(212) 218-7914
apizzo@indusrt.com
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