Business News • MarketWire • Industrial Income Trust to Be Acquired by an Affiliate of Global Logistic Properties |
Industrial Income Trust to Be Acquired by an Affiliate of Global Logistic Properties |
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Industrial Income Trust to Be Acquired by an Affiliate of Global Logistic Properties
DENVER, CO--(Marketwired - Jul 28, 2015) - Industrial Income Trust Inc. ("IIT" or the "Company"), a leading U.S. industrial real estate investment trust, announced today that it has entered into a definitive merger agreement pursuant to which it will be acquired by Western Logistics II LLC ("Western Logistics"), an affiliate of Global Logistic Properties Limited ("GLP"), in an all cash transaction valued at approximately $4.55 billion, subject to certain transaction costs. Concurrently with the closing of the merger transaction, it is expected that IIT will transfer 11 properties currently owned by IIT that are under development or in the lease-up stage (the "Excluded Properties") to a liquidating entity (the "Liquidating Entity"), the beneficial interests in which will be distributed pro rata to current IIT stockholders. The Liquidating Entity will sell such Excluded Properties following the closing of the merger with the goal of maximizing the value of the Excluded Properties for IIT's stockholders.
View More : http://www.marketwired.com/mw/release.do?id=2042745&sourceType=3
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