Key Takeaways
- • Makarora Management LP and Ares Alternative Credit funds acquire Plymouth Industrial REIT for $2.1 billion in all-cash transaction, with Plymouth shareholders receiving $22.00 per share, representing a 50% premium to the stock's unaffected closing price on August 18, 2025.
- • Deal takes Plymouth private, eliminating the REIT's public market listing on NYSE (ticker: PLYM) and removing it from public equity markets following stockholder approval and January 27, 2026 close.
- • Strategic portfolio focus centers on Midwest and East Coast industrial assets positioned within a day's drive of 70% of U.S. population, capitalizing on strong industrial real estate demand from major population centers.
- • Makarora, founded by Chad Pike (former Blackstone Tactical Opportunities co-founder), positions itself as flexible capital provider for U.S. real estate, while Ares Alternative Credit brings scaled institutional capital to the industrial real estate sector.
- • Deal announcement on October 24, 2025 came after Sixth Street Partners filed non-binding acquisition proposal, with the final transaction delivering certainty to shareholders through all-cash consideration and definitive merger agreement.
Summary
Plymouth Industrial REIT has been acquired by entities affiliated with Makarora Management LP and Ares Alternative Credit funds in an all-cash transaction valued at approximately $2.1 billion, including the assumption of certain outstanding debt. Announced on October 24, 2025, the deal provides Plymouth shareholders with $22.00 per share in cash consideration, representing a substantial 50% premium to the company's unaffected closing stock price on August 18, 2025—the last trading day prior to Sixth Street Partners' disclosure of a non-binding acquisition proposal.
The transaction takes Plymouth Industrial REIT private, removing the company from public markets following stockholder approval. The acquisition closed on January 27, 2026, with Greenberg Traurig and Kirkland & Ellis serving as legal advisors to Makarora and Ares, respectively. Jeff Witherell, CEO and Co-Founder of Plymouth, emphasized that the all-cash structure delivers "significant, immediate and certain value to Plymouth shareholders."
The strategic rationale centers on Plymouth's portfolio of cost-competitive industrial assets concentrated in the Midwest and East Coast regions. These properties benefit from their proximity to major U.S. population centers, with locations accessible within a day's drive of approximately 70% of the U.S. population. This geographic positioning aligns with structural demand for industrial real estate driven by e-commerce fulfillment, logistics expansion, and supply chain regionalization.
Makarora, founded by Chad Pike following his co-founding role in Blackstone's Tactical Opportunities business in 2012, positions the acquisition as part of its broader strategy to provide flexible capital solutions to U.S. real estate businesses. Joel Holsinger, Co-Head of Alternative Credit at Ares, highlighted the partnership's confidence in Plymouth's "diverse portfolio of industrial properties" supported by "attractive market fundamentals and demonstrated asset performance."
The transaction reflects institutional capital's continued interest in industrial real estate assets, with alternative credit and real estate platforms deploying significant dry powder into the sector during a period of elevated interest rate environments and selective property valuations.
The transaction takes Plymouth Industrial REIT private, removing the company from public markets following stockholder approval. The acquisition closed on January 27, 2026, with Greenberg Traurig and Kirkland & Ellis serving as legal advisors to Makarora and Ares, respectively. Jeff Witherell, CEO and Co-Founder of Plymouth, emphasized that the all-cash structure delivers "significant, immediate and certain value to Plymouth shareholders."
The strategic rationale centers on Plymouth's portfolio of cost-competitive industrial assets concentrated in the Midwest and East Coast regions. These properties benefit from their proximity to major U.S. population centers, with locations accessible within a day's drive of approximately 70% of the U.S. population. This geographic positioning aligns with structural demand for industrial real estate driven by e-commerce fulfillment, logistics expansion, and supply chain regionalization.
Makarora, founded by Chad Pike following his co-founding role in Blackstone's Tactical Opportunities business in 2012, positions the acquisition as part of its broader strategy to provide flexible capital solutions to U.S. real estate businesses. Joel Holsinger, Co-Head of Alternative Credit at Ares, highlighted the partnership's confidence in Plymouth's "diverse portfolio of industrial properties" supported by "attractive market fundamentals and demonstrated asset performance."
The transaction reflects institutional capital's continued interest in industrial real estate assets, with alternative credit and real estate platforms deploying significant dry powder into the sector during a period of elevated interest rate environments and selective property valuations.
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