Makarora Completes Acquisition of Plymouth Industrial REIT for $2.1 Billion
Rhea-AI Summary
Makarora and Ares Alternative Credit funds completed the acquisition of Plymouth Industrial REIT (PLYM) in an all-cash deal valued at approximately $2.1 billion on January 27, 2026.
Plymouth shareholders will receive $22.00 per share in cash and Plymouth will be delisted and will no longer trade on any public securities exchange.
Positive
- Transaction completed at an aggregate value of approximately $2.1 billion
- Plymouth shareholders receive a fixed cash consideration of $22.00 per share
- Deal provides immediate liquidity to Plymouth shareholders via cash payout
Negative
- Plymouth shares will be delisted and no longer trade on public exchanges
- All-cash consideration removes future equity upside for former shareholders
Key Figures
Previous Acquisition Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 22 | Deal approval | Positive | +0.0% | Stockholders approve all-cash acquisition at $22.00 per share, valuing PLYM at $2.1B. |
| Oct 24 | Buyout agreement | Positive | -0.8% | Definitive merger agreement with Makarora and Ares at $22.00 per share announced. |
| Aug 19 | Unsolicited offer | Positive | +47.1% | Sixth Street submits unsolicited acquisition proposal at $24.10 per share in cash. |
| Jun 23 | Portfolio acquisition | Positive | +0.2% | Acquisition of 1.95M-square-foot Ohio industrial portfolio for $193.0M announced. |
| Feb 05 | Asset optimization | Neutral | -1.0% | Value-add initiatives and selective asset sale within Memphis logistics portfolio detailed. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Acquisition-related headlines for PLYM have often produced modest moves, with one large spike on the unsolicited offer and mixed smaller reactions around strategic and buyout updates.
Over the last year, Plymouth Industrial REIT issued several acquisition-related updates, including a $24.10-per-share unsolicited proposal, a definitive agreement at $22.00 per share valuing the company at about $2.1 billion, and subsequent shareholder approval. It also executed portfolio acquisitions such as a 1.95-million-square-foot Ohio portfolio for $193.0 million and value-add initiatives in Memphis. Today’s announcement confirms completion of the previously approved buyout, consistent with this sequence of deal-focused milestones.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Jan. 27, 2026 (GLOBE NEWSWIRE) -- Makarora Management LP (“Makarora”) today announced that, together with Ares Alternative Credit funds (“Ares”), it has completed the previously announced acquisition of Plymouth Industrial REIT, Inc. (“Plymouth”) in an all-cash transaction valued at approximately
Pursuant to the terms of the transaction, Plymouth shareholders will receive cash consideration of
For more information about the transaction, please see the news release issued by Plymouth on October 24, 2025, which is available on Plymouth’s website at www.plymouthreit.com.
Advisors
KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC acted as Plymouth’s financial advisors. Morrison & Foerster LLP and Alston & Bird LLP served as Plymouth’s legal counsel.
Moelis & Company LLC acted as the lead financial advisor to Makarora. Citigroup Global Markets Inc. also served as a financial advisor to Makarora. Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP served as Makarora’s legal counsel. Latham & Watkins LLP and Kirkland & Ellis LLP served as Ares’ legal counsel. Dechert LLP served as Citi’s legal counsel.
About Makarora
Makarora Management LP is a New York-based investment management firm established in 2024 and led by senior professionals with extensive experience investing through global property market cycles. The Firm seeks to provide differentiated capital solutions to the commercial real estate sector spanning a wide range of investments, including opportunistic credit, structured capital, and equity. For more information, please visit https://makarora-lp.com.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2025, Ares Management Corporation's global platform had over
About Plymouth
Plymouth Industrial REIT, Inc. is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Its mission is to provide tenants with cost-effective space that is functional, flexible and safe.
Makarora Contact Nathan Riggs / Todd Fogarty nathan.riggs@kekstcnc.com / todd.fogarty@kekstcnc.com