INDUS Realty To Be Bought By Centerbridge, GIC For Around $868 Mln Cash; INDT Up In Pre-market

(RTTNews) - INDUS Realty Trust, Inc. (INDT), an industrial, logistics REIT, said on Wednesday that it has inked a deal to be acquired by the affiliates of Centerbridge Partners, L.P., and GIC Real Estate, Inc. (GIC), for around $868 million in cash.

Transaction, expected to be completed this summer, will yield INDUS stockholders $67 per share cash.

The transaction represents a premium of 17 percent to the INDUS Realty's share price on November 25, 2022, and a 26 percent premium to its 30-day volume-weighted average stock price ending November 25.

Michael Gamzon, INDUS' CEO, 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…"

INDUS will release its 2022 financial results in early March.

INDT is trading up by 5.15 percent at $66.15 per share in pre-market on the Nasdaq.