DENVER—Industrial Income Trust Inc., a leading US industrial real estate investment trust, said Wednesday that it will merge into Western Logistics II LLC in an all cash transaction valued at approximately $4.55 billion. The deal is expected to close around November 4.

“We are very pleased that our stockholders have approved the acquisition of the company by GLP, a leading global provider of modern logistics facilities,” said Dwight Merriman, CEO of Industrial Income Trust. “We thank our stockholders for their investment and ongoing support, and believe this merger provides compelling value for all of our stockholders.”

Western Logistics II LLC is an affiliate of Global Logistic Properties Limited (GLP).

Industrial Income Trust Inc. (IIT) is a leading U.S. industrial real estate investment trust that has built a national operating platform of high-quality distribution warehouses leased to creditworthy corporate customers. IIT purchased its first property in June 2010. From 2010 through 2013, IIT raised approximately $2.2 billion of equity capital from investors. Upon completion of the merger transaction, IIT will have achieved its stated investment objectives of providing consistent current income and value creation through active asset management of its properties, culminating in a successful liquidity event for its stockholders.

GLP is the leading global provider of modern logistics facilities. GLP develops, owns and manages a 42 million square meters (452 million square feet) portfolio of logistics facilities across China, Japan, Brazil and USA that cater to domestic consumption. GLP's 4,000 customers include some of the world's most dynamic manufacturers, retailers and third party logistics companies. As of June 30, GLP's total assets under management amounted to $29 billion.

Instant Insights /

Trust Merging with Western Logistics

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