INDUS Enters Into Two Agreements for Acquisitions in the Charlotte Market
December 09 2021 - 4:45PM
Business Wire
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the
“Company”), a U.S. based industrial/logistics REIT, announced
today that it recently entered into two separate agreements to
acquire, for a combined purchase price of approximately $44.8
million, before transaction costs, two industrial/logistics
buildings totaling approximately 450,000 square feet in the
Charlotte, North Carolina market.
The first agreement is for the acquisition of a recently
constructed industrial/logistics building (the “Charlotte
Acquisition”) that has a short-term lease in place. INDUS expects
to close on the purchase of the Charlotte Acquisition during the
2022 first quarter. The second agreement, which was announced
previously as under a signed letter of intent, is for the
acquisition of a to-be-constructed industrial/logistics building
(the “Charlotte Forward Acquisition”) which is being developed on
speculation by the seller. The Charlotte Forward Acquisition is
expected to be delivered vacant upon completion in the 2023 first
quarter. INDUS expects to acquire the land and fund portions of the
Charlotte Forward Acquisition’s development during 2022 and the
first quarter of 2023.
Michael Gamzon, President and Chief Executive Officer of INDUS,
commented, “We are pleased to have these two Charlotte transactions
under contract at an attractive cost basis, and look forward to
adding these buildings to our portfolio. Both properties are
well-located in the same submarket south of Charlotte and are
strong complements to our existing Charlotte portfolio. The
Charlotte industrial/logistics market continues to experience
strong absorption and rent growth which we believe will provide
INDUS the opportunity to realize meaningful value creation through
the future lease-up of both buildings.”
With the addition of the Charlotte Acquisition and the Charlotte
Forward Acquisition, INDUS will own approximately 1.7 million
square feet across eight high quality industrial/logistics
buildings in the Charlotte market. Closing on the purchase of the
Charlotte Acquisition and the Charlotte Forward Acquisition are
both subject to a number of contingencies including the
satisfactory completion of due diligence by INDUS.
About INDUS
INDUS is a real estate business principally engaged in
developing, acquiring, managing and leasing industrial/logistics
properties. INDUS owns 35 industrial/logistics buildings
aggregating approximately 5.2 million square feet in Connecticut,
Pennsylvania, North Carolina, South Carolina and Florida in
addition to several office/flex properties and 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 expected timing of the
closings of the Charlotte Acquisition and the Charlotte Forward
Acquisition, INDUS’s intention to complete the closing of the
acquisitions, the terms of the acquisitions, the relative
attractiveness of the cost basis of the acquisitions, and the value
creation potential of the acquisitions through leasing activity.
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 SEC on February 18, 2021, and Quarterly Report
on Form 10-Q for the fiscal quarter ended September 30, 2021, filed
with the SEC on November 4, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211209005955/en/
Anthony Galici Executive Vice President, Chief
Financial Officer (860) 286-1307
agalici@indusrt.com
Ashley Pizzo Vice President, Capital Markets &
Investor Relations (212) 218-7914
apizzo@indusrt.com
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