Key Takeaways
- • Ares Alternative Credit and Makarora Management complete $2.1 billion all-cash acquisition of Plymouth Industrial REIT (NYSE: PLYM), including assumption of outstanding debt, at $22 per share.
- • Latham & Watkins and Kirkland & Ellis jointly represented Ares, with Latham's corporate team led by Julian Kleindorfer, Owen Alexander, and David Zaheer across corporate, tax, finance, antitrust, and employment law specialties.
- • Deal converts Plymouth from publicly traded REIT to private entity controlled by alternative investment managers, signaling continued institutional appetite for yield-generating industrial real estate assets.
- • Multiple law firms coordinated on transaction: Alston & Bird advised Plymouth on tax matters; Greenberg Traurig advised Makarora; Dechert advised Citi (presumed lender).
Summary
Ares Alternative Credit and Makarora Management LP have completed a strategic acquisition of Plymouth Industrial REIT, a publicly traded industrial real estate investment trust, in an all-cash transaction valued at approximately $2.1 billion including the assumption of certain outstanding debt. Shareholders received $22 per share in cash consideration, and the deal eliminates Plymouth's public market status by consolidating ownership among the two private investment entities.
Latham & Watkins LLP served as primary counsel to Ares on the transaction, with a comprehensive legal team spanning multiple practice areas. The corporate group was led by Los Angeles/New York partner Julian Kleindorfer, Chicago partner Owen Alexander, and Los Angeles partner David Zaheer, supported by associates Mack Weber, Cory Lewis, Cristina Lombardi, Shoumick Hasan, Sean Kim, and Cherrie Wang. Additional specialized counsel was retained across tax matters (Los Angeles partner Pardis Zomorodi, counsel Eric Song, and associate Dennis Poehland), finance (New York partner Betsy Jaffe), antitrust (New York partner Katherine Rocco, Washington D.C. partner Peter Todaro, and New York counsel Jamie Sadler), and executive compensation and benefits (Boston partner Josh Friedman). Kirkland & Ellis LLP also served as co-counsel to Ares on the transaction.
The acquisition reflects ongoing institutional demand for industrial real estate assets in the current market environment. Plymouth Industrial REIT operates a portfolio of industrial properties, making it an attractive platform for alternative credit and private equity investors seeking stable, yield-generating real estate exposure. The transaction marks a consolidation move typical of the broader market trend toward take-private deals in the REIT sector, particularly when alternative investment managers can secure favorable financing and valuation terms.
Additional counsel support was provided by Alston & Bird (tax counsel to Plymouth), Greenberg Traurig (counsel to Makarora), and Dechert LLP (presumed lender counsel). The multi-firm legal structure reflects the complexity of large REIT acquisitions involving debt assumption, tax optimization, and regulatory compliance across multiple jurisdictions.
Latham & Watkins LLP served as primary counsel to Ares on the transaction, with a comprehensive legal team spanning multiple practice areas. The corporate group was led by Los Angeles/New York partner Julian Kleindorfer, Chicago partner Owen Alexander, and Los Angeles partner David Zaheer, supported by associates Mack Weber, Cory Lewis, Cristina Lombardi, Shoumick Hasan, Sean Kim, and Cherrie Wang. Additional specialized counsel was retained across tax matters (Los Angeles partner Pardis Zomorodi, counsel Eric Song, and associate Dennis Poehland), finance (New York partner Betsy Jaffe), antitrust (New York partner Katherine Rocco, Washington D.C. partner Peter Todaro, and New York counsel Jamie Sadler), and executive compensation and benefits (Boston partner Josh Friedman). Kirkland & Ellis LLP also served as co-counsel to Ares on the transaction.
The acquisition reflects ongoing institutional demand for industrial real estate assets in the current market environment. Plymouth Industrial REIT operates a portfolio of industrial properties, making it an attractive platform for alternative credit and private equity investors seeking stable, yield-generating real estate exposure. The transaction marks a consolidation move typical of the broader market trend toward take-private deals in the REIT sector, particularly when alternative investment managers can secure favorable financing and valuation terms.
Additional counsel support was provided by Alston & Bird (tax counsel to Plymouth), Greenberg Traurig (counsel to Makarora), and Dechert LLP (presumed lender counsel). The multi-firm legal structure reflects the complexity of large REIT acquisitions involving debt assumption, tax optimization, and regulatory compliance across multiple jurisdictions.
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