Key Takeaways
- • Ares Capital and Makarora Management completed an all-cash acquisition of Plymouth Industrial REIT for $22 per share, valuing the transaction at approximately $2.1 billion.
- • Plymouth Industrial REIT has been taken private and delisted from the NYSE, ending its public company status and public reporting obligations.
- • The transaction was announced on October 24, 2025, with Plymouth merging into PIR Industrial REIT LLC, an affiliate of PIR Ventures LP, representing a full change of control.
- • The $22 per share acquisition price reflects a defined exit for shareholders in the industrial REIT sector, which has faced near-term demand uncertainty despite expectations for normalization and potential inflationary rent growth by 2027.
Summary
Ares Capital and Makarora Management have successfully completed the acquisition of Plymouth Industrial REIT in an all-cash transaction valued at $2.1 billion. Under the terms of the merger agreement, shareholders received $22 per share for their holdings. The deal was originally announced on October 24, 2025, and has now reached completion, with Plymouth merging into PIR Industrial REIT LLC, an affiliate of PIR Ventures LP. This transaction represents a full change of control of the company.
Following the acquisition's completion, Plymouth Industrial REIT has been delisted from the NYSE, ending its public company status. The company's shares, including its Series A Preferred Stock that previously traded on the NYSE American exchange, ceased trading and were formally delisted. This transition takes the vertically integrated industrial REIT—which had focused on the acquisition, ownership, and management of single-tenant industrial properties—into private ownership.
The timing of the transaction reflects broader market dynamics in the industrial REIT sector. Industrial REIT returns have remained relatively flat year-to-date, partly attributable to policy uncertainty affecting near-term demand. However, market analysts anticipate demand normalization in late 2025 and into 2026, with the potential for a return to inflationary rent growth by 2027. The $22-per-share acquisition price provided shareholders with a defined liquidity event during a period of sector uncertainty. Kirkland & Ellis served as legal counsel to Ares Alternative Credit funds in structuring the joint venture with Makarora Management to complete the acquisition.
Following the acquisition's completion, Plymouth Industrial REIT has been delisted from the NYSE, ending its public company status. The company's shares, including its Series A Preferred Stock that previously traded on the NYSE American exchange, ceased trading and were formally delisted. This transition takes the vertically integrated industrial REIT—which had focused on the acquisition, ownership, and management of single-tenant industrial properties—into private ownership.
The timing of the transaction reflects broader market dynamics in the industrial REIT sector. Industrial REIT returns have remained relatively flat year-to-date, partly attributable to policy uncertainty affecting near-term demand. However, market analysts anticipate demand normalization in late 2025 and into 2026, with the potential for a return to inflationary rent growth by 2027. The $22-per-share acquisition price provided shareholders with a defined liquidity event during a period of sector uncertainty. Kirkland & Ellis served as legal counsel to Ares Alternative Credit funds in structuring the joint venture with Makarora Management to complete the acquisition.
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