Industrial Logistics Properties Trust (ILPT) has entered into an agreement to add six industrial properties to its existing joint venture with institutional investors for an aggregate price of about $206 million.
The properties are 100 percent leased. ILPT continues to own a 22 percent equity interest in the joint venture, and the joint venture plans to incur about $134 million of debt secured by the properties in early 2022, which will result in total net proceeds to ILPT of about $190 million. ILPT plans to use the net proceeds from the sale and subsequent debt financing to reduce outstanding borrowings under its $750 million unsecured revolving credit facility.
“The sale of these six properties to our joint venture underscores the value of ILPT’s high-quality industrial portfolio and the strength of our relationships with strong institutional private capital partners,” said John Murray, president and CEO of ILPT. “This transaction will enable ILPT to raise e
