Blackwells Capital, an alternative investment management firm that is one of the largest owners of Monmouth Real Estate Investment Corp., has submitted an offer letter to the company’s board of directors outlining an all-cash offer to acquire Monmouth.

The all-cash transaction is valued at approximately $3.8 billion, including the assumption of debt.

Jason Aintabi, CIO of Blackwells, said, “As a public company, Monmouth has significantly underperformed comparable industrial REITs over the last five years, further exacerbated by the stock’s lack of liquidity. Blackwells’ cash offer provides shareholders immediate liquidity at a 17 percent premium above consensus net asset value — though the stock has long traded at a discount to it. Our offer also represents a premium to unaffected price well above the average premium for completed REIT deals over the last five years.”