Monmouth Agrees to $4 Billion Takeover After Rejecting Zell (1)

Industrial Logistics Properties Trust agreed to acquire Monmouth Real Estate Investment Corp. for about $4 billion after Monmouth in August rejected a $2.8 billion offer from Sam Zell.

ILPT will pay $21 a share, according to a statement Friday. The transaction, which includes debt and other costs, gives Monmouth an equity value of $2.06 billion, according to Bloomberg calculations, and is priced about 11% higher than Thursday’s close.

Investors have been bidding up the value of warehouses as the pandemic accelerates consumers’ shift online. Monmouth drew interest from groups including Zell’s Equity Commonwealth, whose offer was rejected by shareholders in ...