Key Takeaways
- • Makarora Management LP and Ares Alternative Credit funds have agreed to acquire Plymouth Industrial REIT (NYSE: PLYM) in an all-cash transaction valued at approximately US$2.1 billion, including assumed debt, at US$22 per share.
- • The transaction represents a take-private acquisition of Boston-based Plymouth Industrial REIT, a leading industrial real estate investment trust that owns and manages industrial properties.
- • Latham & Watkins represented Ares as the global alternative investment manager in the transaction, with a multidisciplinary team spanning corporate, tax, finance, antitrust, and employment law expertise across multiple offices.
- • The definitive merger agreement covers all outstanding shares of Plymouth's common stock and all outstanding limited partnership interests of Plymouth Industrial OP, LP, with the transaction combining Makarora's operational capabilities with Ares Alternative Credit's investment capital.
Summary
Plymouth Industrial REIT has entered into a definitive merger agreement to be acquired by entities affiliated with Makarora Management LP in partnership with Ares Alternative Credit funds in an all-cash transaction valued at approximately US$2.1 billion, including the assumption of certain outstanding debt. Under the terms, Plymouth shareholders will receive US$22 per share in cash consideration, and the transaction encompasses all outstanding shares of Plymouth's common stock as well as all limited partnership interests of Plymouth Industrial OP, LP.
The deal brings together Makarora Management LP, a specialized real estate operator, with Ares Alternative Credit, the credit-focused investment platform of Ares. Ares, a global alternative investment manager, enlisted Latham & Watkins as its legal counsel for the strategic acquisition of the Boston-based industrial REIT, which owns and manages industrial properties across its portfolio.
Latham & Watkins deployed a comprehensive team across multiple disciplines and offices to support Ares in the transaction. The corporate team 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 included Los Angeles partner Pardis Zomorodi and counsel Eric Song on tax matters; New York partner Betsy Jaffe on finance matters; New York partner Katherine Rocco, Washington, D.C. partner Peter Todaro, and New York counsel Jamie Sadler on antitrust matters; and Boston partner Josh Friedman on executive compensation, employment, and benefits matters. This multilayered advisory structure reflects the transaction's complexity across regulatory, financial, and operational dimensions.
The acquisition of Plymouth Industrial REIT marks a significant consolidation in the industrial real estate sector, combining a publicly traded REIT with established operational platforms and alternative credit expertise to optimize asset management and capital deployment.
The deal brings together Makarora Management LP, a specialized real estate operator, with Ares Alternative Credit, the credit-focused investment platform of Ares. Ares, a global alternative investment manager, enlisted Latham & Watkins as its legal counsel for the strategic acquisition of the Boston-based industrial REIT, which owns and manages industrial properties across its portfolio.
Latham & Watkins deployed a comprehensive team across multiple disciplines and offices to support Ares in the transaction. The corporate team 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 included Los Angeles partner Pardis Zomorodi and counsel Eric Song on tax matters; New York partner Betsy Jaffe on finance matters; New York partner Katherine Rocco, Washington, D.C. partner Peter Todaro, and New York counsel Jamie Sadler on antitrust matters; and Boston partner Josh Friedman on executive compensation, employment, and benefits matters. This multilayered advisory structure reflects the transaction's complexity across regulatory, financial, and operational dimensions.
The acquisition of Plymouth Industrial REIT marks a significant consolidation in the industrial real estate sector, combining a publicly traded REIT with established operational platforms and alternative credit expertise to optimize asset management and capital deployment.
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