Centerbridge Partners and GIC Complete Acquisition of INDUS Realty Trust, Inc.
June 29 2023 - 8:54AM
Business Wire
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the
“Company”), a U.S. based industrial/logistics REIT, announced
today the completion of the previously announced merger whereby
affiliates of Centerbridge Partners, L.P. (“Centerbridge”), a
global private investment firm with deep experience in real estate,
and GIC, a global institutional investor, have acquired all of the
outstanding shares of INDUS’ common stock in an all-cash
transaction valued at approximately $868 million. Additionally, a
wholly owned subsidiary of the Abu Dhabi Investment Authority
(“ADIA”) will act as a strategic investor alongside Centerbridge in
the ownership of INDUS post-closing.
“We are excited to have closed this transaction and look forward
to the Company’s next phase under Centerbridge, GIC and ADIA’s
ownership,” said Michael Gamzon, President and CEO of INDUS. “We
are pleased to deliver significant value to our stockholders and
are grateful for their support over the years. I would like to
thank all of our employees for their commitment to our Company and
efforts to build our high-quality portfolio and platform. This
transaction is an incredible validation of their efforts.”
“GIC is pleased to complete the acquisition of INDUS and support
their continued growth with our multi-asset experience, long-term
view, and global footprint alongside our strategic partner,
Centerbridge. GIC upholds confidence in both the long-term
stability of the US industrial sector and INDUS’ role as a strong
asset in our growing portfolio,” said Adam Gallistel, Head of
Americas Real Estate, GIC.
Commenting on the announced acquisition, Billy Rahm, Global Head
of Real Estate at Centerbridge said, “We are excited to partner
with ADIA and GIC to continue to grow the business both organically
and through acquisitions. We remain confident in the long-term,
secular thesis supporting investment in industrial real estate. The
INDUS portfolio represents a compelling example of that
thesis.”
Mohamed Al Qubaisi, Executive Director of the Real Estate
Department at ADIA, said, “INDUS has built a portfolio of
high-quality industrial assets and is well placed to capitalise on
future opportunities. We look forward to supporting the company as
it embarks on its next phase of growth.”
As a result of the completion of the transaction, INDUS’ common
stock will no longer trade on Nasdaq and will be delisted.
Advisors
Morgan Stanley & Co. LLC served as exclusive financial
advisor to INDUS and Latham & Watkins LLP served as legal
counsel to INDUS. BofA Securities Inc. and J.P. Morgan Securities
LLC served as financial advisors to Centerbridge and GIC. Standard
Chartered provided acquisition financing to Centerbridge and GIC.
Simpson Thacher & Bartlett LLP served as legal counsel to
Centerbridge and Skadden, Arps, Slate, Meagher & Flom LLP
served as legal counsel to GIC.
About INDUS
INDUS is a real estate business principally engaged in
developing, acquiring, managing and leasing industrial/logistics
properties. INDUS owns 44 industrial/logistics buildings totaling
6.6 million square feet in Connecticut, Pennsylvania, North
Carolina, South Carolina and Florida.
About Centerbridge
Centerbridge Partners, L.P. is a private investment management
firm employing a flexible approach across investment disciplines —
Private Equity, Private Credit and Real Estate — in an effort to
develop the most attractive opportunities for its investors. The
firm was founded in 2005 and as of March 31, 2023 has approximately
$36 billion in capital under management with offices in New York
and London. Centerbridge is dedicated to partnering with
world-class management teams across targeted industry sectors and
geographies. For more information, please visit
www.centerbridge.com.
About GIC
GIC is a leading global investment firm established in 1981 to
secure Singapore's financial future. As the manager of Singapore's
foreign reserves, GIC takes a long-term, disciplined approach to
investing, and is uniquely positioned across a wide range of asset
classes and active strategies globally. These include equities,
fixed income, real estate, private equity, venture capital, and
infrastructure. The firm's long- term approach, multi-asset
capabilities, and global connectivity enable them to be an investor
of choice. GIC seeks to add meaningful value to its investments.
Headquartered in Singapore, GIC has a global talent force of over
1,900 people in 11 key financial cities and has investments in over
40 countries. Further information is available at
https://www.gic.com.sg.
About ADIA
Established in 1976, the Abu Dhabi Investment Authority (ADIA)
is a globally-diversified investment institution that prudently
invests funds on behalf of the Government of Abu Dhabi through a
strategy focused on long-term value creation. For more information:
https://www.adia.ae.
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version on businesswire.com: https://www.businesswire.com/news/home/20230629380832/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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