Industrial Logistics Properties Trust to acquire Monmouth Real Estate Investment Corp. for $4b

Industrial Logistics Properties Trust (ILPT) has entered into an agreement to acquire all outstanding shares of Monmouth Real Estate Investment Corp. for $21.00 per share in an all-cash transaction, valued at approximately $4 billion.

The transaction adds 126 new, class-A, single-tenant, net leased, e-commerce-focused industrial properties to ILPT’s existing high-quality portfolio and improves geographic and tenant diversity. The portfolio contains more than 26 million square feet of space across 32 states and is more than 80 percent leased to investment-grade-rated tenants, including Home Depot, International Paper, Mercedes Benz, Toyota and Ulta.

The acquisition adds geographic diversity for ILPT, particularly in Georgia and Texas, where ILPT does not currently own industrial buildings.