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Another investor is taking a run at Monmouth Real Estate Investment Corp.: Industrial Logistics Properties Trust has entered into a definitive agreement to acquire all of the outstanding shares of the industrial REIT for $21.00 per share in an all-cash transaction that is valued at $4 billion. The transaction price, which includes committed MNR acquisitions, transaction costs and the assumption of $409 million of debt, represents a 24% premium to the closing share price of $16.99 on December 18, 2020 and a 36% premium to the 30-day volume weighted average unaffected trading share price of $15.43.

The acquisition comes on the heels of a tug-of-war between Equity Commonwealth and Starwood Capital Group over Monmouth. The REIT had agreed to a sale to Equity Commonwealth despite Starwood’s protests that it was the better deal. Ultimately, though, Monmouth’s shareholders did not approve the sale to Equity Commonwealth.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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