INDUS Announces Agreement to Acquire a Two-Building Industrial/Logistics Portfolio
August 09 2021 - 4:13PM
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS”),
a U.S. based industrial/logistics REIT, announced today that it
recently entered into an agreement (the “Forward Purchase
Agreement”) to acquire, for a purchase price of $31.5 million, an
under-construction, approximately 184,000 square foot
industrial/logistics portfolio in Nashville, Tennessee (the
“Nashville Acquisition”). The Nashville Acquisition is being
developed on speculation by the seller and, upon completion, will
be comprised of two buildings located in close proximity to
downtown Nashville. Under the terms of the Forward Purchase
Agreement, INDUS expects to close on the Nashville Acquisition by
the end of the 2021 fourth quarter.
Michael Gamzon, President and Chief Executive
Officer of INDUS, commented, “We are very excited to announce our
entry into Nashville, a market that is experiencing strong
demographic and economic growth and supply constraints for new,
well-located industrial/logistics properties. The Nashville
Acquisition is one of the few new infill industrial/logistics
facilities located near downtown Nashville and has excellent
connectivity to the major regional interstates of I-24, I-65 and
I-40 through immediate access to Briley Parkway.”
Closing on the purchase of the Nashville
Acquisition is subject to a number of contingencies including the
satisfactory completion of due diligence by INDUS. There can be no
guarantee that the Nashville 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 43 buildings totaling
approximately 5.3 million square feet (including 33
industrial/logistics buildings aggregating approximately 4.9
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
Nashville’s economic growth, the expected closing date of the
Nashville Acquisition and continued tenant demand and supply
constraints for industrial/logistics buildings in Nashville.
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
GaliciExecutive Vice President, Chief Financial
Officer(860) 286-1307
agalici@indusrt.com
Ashley PizzoVice President, Capital
Markets & Investor Relations(212)
218-7914 apizzo@indusrt.com
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