Key Takeaways
- • Makarora Management LP and Ares Alternative Credit funds completed an all-cash acquisition of Plymouth Industrial REIT for $2.1 billion, with Plymouth shareholders receiving $22.00 per share.
- • Plymouth Industrial REIT has been delisted from public securities exchanges following the transaction close on January 27, 2026.
- • The deal was originally announced on October 24, 2025, and represents a significant consolidation in the industrial real estate sector by a newly established investment manager.
- • Makarora, founded in 2024 and based in New York, positions itself as a provider of differentiated capital solutions across opportunistic credit, structured capital, and equity investments in commercial real estate.
- • Top-tier financial and legal advisors facilitated the transaction, including KeyBanc Capital Markets, J.P. Morgan Securities, Moelis & Company, and Citigroup for financial advice, with multiple leading law firms providing counsel.
Summary
Makarora Management LP and Ares Alternative Credit funds have completed the previously announced acquisition of Plymouth Industrial REIT in an all-cash transaction valued at $2.1 billion. The deal closed on January 27, 2026, with Plymouth shareholders receiving $22.00 per share in consideration. Following the completion, Plymouth Industrial REIT is no longer traded or listed on any public securities exchange.
Makarora, a New York-based investment management firm established in 2024, led the acquisition in partnership with Ares Alternative Credit funds. According to the company, Makarora is led by senior professionals with extensive experience navigating global property market cycles and specializes in providing differentiated capital solutions across the commercial real estate sector, including opportunistic credit, structured capital, and equity investments.
The transaction was supported by leading financial and legal advisors. Plymouth retained KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC as financial advisors, with Morrison & Foerster LLP and Alston & Bird LLP serving as legal counsel. Makarora engaged Moelis & Company LLC as lead financial advisor and Citigroup Global Markets Inc. as co-advisor, with Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP providing legal representation. Ares engaged Latham & Watkins LLP and Kirkland & Ellis LLP for legal counsel, while Dechert LLP served as Citi's counsel.
Makarora, a New York-based investment management firm established in 2024, led the acquisition in partnership with Ares Alternative Credit funds. According to the company, Makarora is led by senior professionals with extensive experience navigating global property market cycles and specializes in providing differentiated capital solutions across the commercial real estate sector, including opportunistic credit, structured capital, and equity investments.
The transaction was supported by leading financial and legal advisors. Plymouth retained KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC as financial advisors, with Morrison & Foerster LLP and Alston & Bird LLP serving as legal counsel. Makarora engaged Moelis & Company LLC as lead financial advisor and Citigroup Global Markets Inc. as co-advisor, with Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP providing legal representation. Ares engaged Latham & Watkins LLP and Kirkland & Ellis LLP for legal counsel, while Dechert LLP served as Citi's counsel.
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