INDUS Announces Agreement to Acquire Land for Development
August 09 2021 - 4:14PM
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS”),
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 $2.25 million, approximately
10.6 acres of undeveloped land in the Lehigh Valley of Pennsylvania
(the “Lehigh Valley Land”). Under the terms of the Purchase
Agreement, INDUS expects to close on the Lehigh Valley Land upon
receipt of the requisite entitlements, estimated to be during the
first half of fiscal 2022. Subsequent to closing on the Lehigh
Valley Land, INDUS expects to begin construction, on speculation,
of an approximately 90,000 square foot industrial/logistics
building.
Michael Gamzon, President and Chief Executive
Officer of INDUS, commented, “We are thrilled to expand our
presence in the Lehigh Valley, a market that continues to
experience strong rent growth and absorption. Development projects
continue to provide the opportunity to create value in the
industrial/logistics space, and we look forward to delivering
another well-located, market-appropriate facility in a region where
we have significant experience and a history of success.”
Closing on the purchase of the Lehigh Valley
Land is subject to a number of contingencies including the
satisfactory completion of due diligence by INDUS and the receipt
of all the necessary entitlements and approvals for development.
There can be no guarantee that the Lehigh Valley Land acquisition
or the subsequent development of a 90,000 square foot
industrial/logistics building will be completed under the
contemplated 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
management’s expectations regarding strong rent growth and
absorption, the expected closing date of the Lehigh Valley Land
acquisition and the planned development of a 90,000 square foot
industrial/logistics building on the Lehigh Valley Land. 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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