Singapore’s sovereign wealth fund GIC and Centerbridge Partners have agreed to buy US industrial and logistics real estate investment trust INDUS Realty Trust for $868m (€807m).

Nasdaq-listed INDUS said it has agreed to be bought and taken private by Centerbridge affiliates and the real estate arm of GIC.

Back in November, INDUS Realty announced it had received an unsolicited, non-binding $65 per share proposal from GIC Real Estate and Centerbridge, which owns approximately 14.8% of the company’s common stock.

INDUS Realty said it has now agreed to a $67 per share cash offer from the pair. The transaction represents a premium of 17% to the company’s unaffected stock price on 25 November 2022, the date of Centerbridge’s initial offer announcement.

Michael Gamzon, president and CEO of INDUS, said “After conducting an extensive process to explore the Company’s strategic alternatives, we are pleased to have reached an agreement with Centerbridge and GIC.

“The transaction delivers immediate and significant value to our stockholders, and we believe it validates the quality of the platform and portfolio we have built over INDUS’ long history.”

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