Five firms advised in Industrial Logistics Properties Trust’s acquisition of Monmouth Real Estate Investment Corp. and its portfolio of e-commerce warehouses.
Hunton Andrews Kurth advised Newton, Mass.-based Industrial Logistics, which agreed to pay $21.00 per share, or about $4 billion, for Monmouth.
The deal, announced in November and closed Feb. 25, came after Monmouth shareholders rejected an $18 per share offer by Sam Zell’s Equity Commonwealth in August 2021.
Wachtell, Lipton, Rosen & Katz and Stroock & Stroock & Lavan advised Holmdel, N.J.-based Monmouth. Skadden, Arps advised Industrial Logistics on financing for the transaction, according to a Feb. 28 statement.
As of the Feb. 25 closing, the Monmouth portfolio included 126 Class A, single tenant, net leased, and e-commerce focused industrial properties that were 99.7% occupied and over 80.0% leased to investment grade rated tenants. Industrial Logistics said it expects the portfolio to generate annualized rental revenues of around $175 million in 2022.
Sullivan & Worcester advised Industrial Logistics on a linked joint venture in which an institutional investor paid $587 million for a 39% non-controlling equity interest in 95 of Monmouth’s properties, and on corporate and tax structuring linked to the JV, a statement said.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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