Plymouth Industrial REIT, Inc. (PLYM) entered a merger agreement on October 24, 2025, to be acquired by Makarora Management LP and Ares Alternative Credit funds (ARES) in a deal valued at $2.1 billion.
Entities affiliated with Makarora, along with Ares Alternative Credit funds, will acquire all outstanding shares of Plymouth’s common stock and all outstanding limited partnership interests of Plymouth Industrial OP, LP for $22 per share, representing a 0.32% discount from the stock’s last close.
Plymouth Industrial REIT is a self-managed real estate investment trust that acquires, owns, and operates single- and multi-tenant industrial properties across the U.S., focusing on income-producing assets and value creation through active management.
Makarora is a New York-based investment management firm that provides differentiated capital solutions in commercial real estate, including opportunistic credit, structured capital, and equity. The firm manages approximately $353 million in discretionary assets.
Ares Management is a leading global alternative investment manager that provides credit, private equity, real estate, and infrastructure solutions, managing over $572 billion in assets across North America, South America, Europe, Asia Pacific, and the Middle East.
In August, Sixth Street Partners offered to acquire Plymouth for $24.10. The stock was trading at $14.64 when the offer was made.
The deal is expected to close in early 2026.
Plymouth intends to conduct a 30-day “go-shop” period, which will expire on November 23, 2025. During this period, Plymouth and its financial advisors may actively initiate, solicit, and evaluate alternative acquisition proposals from third parties.
Plymouth will pay its previously announced third-quarter dividend on October 31, 2025. It will not pay any other dividends while the Merger Agreement is in effect.
KeyBanc Capital Markets and J.P. Morgan Securities served as financial advisors to Plymouth. Morrison & Foerster and Alston & Bird acted as Plymouth’s legal counsel.
Moelis & Co. acted as lead financial advisor to Makarora, with Citigroup Global Markets also serving as a financial advisor. Greenberg Traurig and Simpson Thacher & Bartlett served as Makarora’s legal counsel. Latham & Watkins and Kirkland & Ellis served as legal counsel to Ares.
Makarora and Ares will be paying 13.36 times adjusted funds from operations (AFFO) for Plymouth.
For more information about this M&A transaction, please visit the Deal Metrics page here:
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Editor’s Note: Baranjot Kaur contributed to this article