INDUS Announces Agreement to Acquire an Industrial/Logistics Building in Greenville-Spartanburg
March 07 2022 - 6:01AM
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 a purchase agreement to acquire
a to-be-constructed, approximately 280,000 square foot
industrial/logistics building (the “Forward Acquisition”) in
Greenville-Spartanburg which is being developed on speculation by
the seller. The Forward Acquisition is expected to be completed in
the 2023 first quarter.
Michael Gamzon, President and Chief Executive Officer of INDUS,
commented, “We are excited to enter Greenville-Spartanburg and
expand our presence in the southeast along the important I-85
corridor, which is experiencing strong economic and population
growth. The Greenville-Spartanburg industrial/logistics market
benefits from a large manufacturing base, the Inland Port Greer
railyard, a strong labor force and a strategic location between
Charlotte and Atlanta. The Forward Acquisition has excellent access
to I-85 and is well-located for the key demand drivers in the
market and to service both local and regional distribution
needs.”
Closing on the purchase of the Forward Acquisition is subject to
a number of contingencies including the satisfactory completion of
due diligence by INDUS. There can be no guarantee that the Forward
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 36 industrial/logistics buildings
aggregating approximately 5.4 million square feet in Connecticut,
Pennsylvania, North Carolina, South Carolina, and Florida.
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’ beliefs
and expectations regarding future events or conditions including,
without limitation, statements regarding the population and
manufacturing growth of the Greenville-Spartanburg market, INDUS’
intent to complete the Forward Acquisition, and the anticipated
timing to complete the Forward Acquisition. 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’ Securities and Exchange
Commission filings, including the “Business,” “Risk Factors” and
“Forward-Looking Statements” sections in INDUS’ Annual Report on
Form 10-K for the fiscal year ended November 30, 2020, filed with
the SEC on February 18, 2021, as updated by INDUS’ Quarterly Report
on Form 10-Q for the fiscal quarter ended September 30, 2021, filed
with the SEC on November 4, 2021 and other filings with the
Securities and Exchange Commission. 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/20220307005250/en/
Ashley Pizzo Vice President, Capital Markets &
Investor Relations (212) 218-7914
apizzo@indusrt.com
Jon Clark Executive Vice President, Chief Financial
Officer (860) 286-2419 jclark@indusrt.com
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