Monmouth REIT to be acquired by ILPT for approximately $4B

Monmouth Real Estate Investment Corp. will be acquired by Industrial Logistics Properties Trust (ILPT) for approximately $4 billion, the Holmdel-based REIT announced on Friday.

Newton, Massachusetts-based ILPT will receive all of the outstanding shares of Monmouth, one of the oldest public equity REITs that specializes in single tenant, net-leased industrial properties, for $21.00 per share in an all-cash transaction including the assumption of debt and the committed acquisition and expansion pipeline.

The transaction has been unanimously approved by Monmouth’s board of directors.

Michael Landy, Monmouth’s president and CEO, said, “The substantial interest in our company is a testament to our success building a best-in-class net-leased industrial real estate portfolio that is well positioned to benefit from the accelerated adoption of e-commerce.”

The Transaction is expected to close in the first half of 2022 and is not contingent upon financing.

J.P. Morgan Securities LLC and CS Capital Advisors, LLC are acting as financial advisors and Wachtell, Lipton, Rosen & Katz and Stroock & Stroock & Lavan LLP are serving as legal advisors to Monmouth.

Upon completion of the Transaction, Monmouth’s common stock will no longer be listed on the New York Stock Exchange.