Industrial Logistics Properties to Buy Monmouth for $4B

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.