Key Takeaways
- • Makarora Management LP and Ares Alternative Credit funds completed the acquisition of Plymouth Industrial REIT on January 27, 2026, in an all-cash transaction valued at $2.1 billion, ending the company's public trading status.
- • Plymouth shareholders received $22.00 per share in cash consideration, representing the final valuation per the previously announced agreement from October 24, 2025.
- • Makarora, a New York-based investment management firm founded in 2024, partnered with Ares as a joint venture buyer, demonstrating institutional appetite for industrial real estate assets in the current market environment.
- • A broad advisor ecosystem supported the transaction, with KeyBanc Capital Markets and J.P. Morgan Securities acting as Plymouth's financial advisors, while Moelis & Company and Citigroup Global Markets advised Makarora.
- • The deal included debt assumption alongside the all-cash equity component, with multiple law firms (Latham & Watkins, Kirkland & Ellis, Simpson Thacher & Bartlett, and Greenberg Traurig) managing complex structuring across the buyer consortium.
Summary
Makarora Management LP, in partnership with Ares Alternative Credit funds, successfully completed its acquisition of Plymouth Industrial REIT, Inc. on January 27, 2026, for approximately $2.1 billion in an all-cash transaction. Under the deal terms, Plymouth shareholders received $22.00 per share in cash. The acquisition removes Plymouth from public markets, concluding its existence as a listed securities exchange company and marking a significant consolidation in the industrial real estate sector.
The transaction was initially announced on October 24, 2025, and moved to close within roughly three months. Makarora Management, a New York-based investment management firm established in 2024, structured the acquisition as a joint venture with Ares Alternative Credit, leveraging the combined resources and expertise of both sponsors. According to Makarora's profile, the firm specializes in differentiated capital solutions across the commercial real estate spectrum, including opportunistic credit, structured capital, and equity investments. The involvement of Ares, a major alternative credit manager, underscores institutional confidence in industrial real estate valuations and the availability of structured debt financing to support acquisitions.
The transaction benefited from substantial advisory support. Plymouth retained KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC as financial advisors, with Morrison & Foerster LLP and Alston & Bird LLP providing legal counsel. Makarora's transaction team included Moelis & Company LLC as lead financial advisor and Citigroup Global Markets as a co-advisor, supported by legal counsel from Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP. Ares engaged Latham & Watkins LLP and Kirkland & Ellis LLP for legal representation, while Dechert LLP served as Citigroup's counsel. The depth of this advisory network reflects the complexity of structuring an all-cash acquisition with debt assumption in the current institutional real estate market.
The transaction was initially announced on October 24, 2025, and moved to close within roughly three months. Makarora Management, a New York-based investment management firm established in 2024, structured the acquisition as a joint venture with Ares Alternative Credit, leveraging the combined resources and expertise of both sponsors. According to Makarora's profile, the firm specializes in differentiated capital solutions across the commercial real estate spectrum, including opportunistic credit, structured capital, and equity investments. The involvement of Ares, a major alternative credit manager, underscores institutional confidence in industrial real estate valuations and the availability of structured debt financing to support acquisitions.
The transaction benefited from substantial advisory support. Plymouth retained KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC as financial advisors, with Morrison & Foerster LLP and Alston & Bird LLP providing legal counsel. Makarora's transaction team included Moelis & Company LLC as lead financial advisor and Citigroup Global Markets as a co-advisor, supported by legal counsel from Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP. Ares engaged Latham & Watkins LLP and Kirkland & Ellis LLP for legal representation, while Dechert LLP served as Citigroup's counsel. The depth of this advisory network reflects the complexity of structuring an all-cash acquisition with debt assumption in the current institutional real estate market.
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