INDUS Announces Agreement to Acquire an Industrial/Logistics Building
July 15 2021 - 4:58PM
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the
“Company”), a U.S. based industrial/logistics REIT,
announced today that it recently entered into an agreement (the
“Purchase Agreement”) to acquire, for a purchase price of $17.8
million, a fully-leased, approximately 139,500 square foot
industrial/logistics building in Lakeland, Florida (the “Lakeland
Acquisition”), located along the I-4 corridor connecting the cities
of Tampa and Orlando. Under the terms of the Purchase Agreement,
INDUS expects to close on the Lakeland Acquisition during the 2021
third quarter.
Michael Gamzon, President and Chief Executive
Officer of INDUS, commented, “We are very excited to expand our
presence in Central Florida, a market that continues to benefit
from strong population and economic growth. This acquisition has
excellent access to I-4 and can service local distribution to both
Orlando and Tampa, as well as regional distribution throughout the
state of Florida.”
Closing on the purchase of the Lakeland
Acquisition is subject to a number of contingencies including the
satisfactory completion of due diligence by INDUS. There can be no
guarantee that the Lakeland Acquisition will be completed under its
current terms, anticipated timeline, 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 5.1 million square feet (including 32
industrial/logistics buildings aggregating approximately 4.7
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
expected closing date of the Lakeland Acquisition and continued
population and economic growth in Florida. 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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