Key Takeaways
- • Makarora Management LP and Ares Alternative Credit funds completed an all-cash acquisition of Plymouth Industrial REIT for $2.1 billion on January 27, 2026, taking the company private at $22.00 per share.
- • Plymouth Industrial REIT ceased trading on public securities exchanges upon deal completion, ending its status as a publicly listed entity.
- • Makarora, a New York-based investment management firm established in 2024, led the transaction alongside Ares, demonstrating the firm's early commitment to significant real estate sector investments.
- • The transaction was announced in October 2025 and involved major financial advisors including Moelis & Company, J.P. Morgan Securities, and KeyBanc Capital Markets, with comprehensive legal counsel from top-tier firms including Simpson Thacher & Bartlett and Morrison & Foerster.
Summary
Makarora Management LP, operating in partnership with Ares Alternative Credit funds, successfully closed its previously announced acquisition of Plymouth Industrial REIT, Inc. on January 27, 2026. The all-cash transaction valued the company at approximately $2.1 billion, with Plymouth shareholders receiving $22.00 per share in cash consideration. The completion of this deal marks Plymouth's transition from a publicly traded entity to a privately held asset under joint ownership of the two investment firms.
The acquisition was originally announced in October 2025 and represents a significant transaction within the commercial real estate investment landscape. The $22.00-per-share purchase price reflects the negotiated value established between the parties during the transaction process. With the deal's closing, Plymouth Industrial REIT's securities ceased trading on any public exchanges, effectively removing the company from the public markets.
Makarora Management, headquartered in New York and established in 2024, positions itself as an investment management firm focused on providing differentiated capital solutions to the commercial real estate sector. The firm's leadership comprises senior professionals with extensive experience navigating global property market cycles. The firm targets a diverse range of investments spanning opportunistic credit, structured capital, and equity opportunities. This acquisition of Plymouth Industrial REIT represents a substantial early deployment of capital by the newly established firm.
The transaction benefited from extensive advisory support across financial and legal disciplines. Plymouth engaged KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC as financial advisors, with legal counsel provided by Morrison & Foerster LLP and Alston & Bird LLP. Makarora retained Moelis & Company LLC as its lead financial advisor, supplemented by Citigroup Global Markets Inc., with legal representation from Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP. Ares Alternative Credit funds were advised by Latham & Watkins LLP and Kirkland & Ellis LLP, while Dechert LLP served as Citigroup's legal counsel.
The acquisition was originally announced in October 2025 and represents a significant transaction within the commercial real estate investment landscape. The $22.00-per-share purchase price reflects the negotiated value established between the parties during the transaction process. With the deal's closing, Plymouth Industrial REIT's securities ceased trading on any public exchanges, effectively removing the company from the public markets.
Makarora Management, headquartered in New York and established in 2024, positions itself as an investment management firm focused on providing differentiated capital solutions to the commercial real estate sector. The firm's leadership comprises senior professionals with extensive experience navigating global property market cycles. The firm targets a diverse range of investments spanning opportunistic credit, structured capital, and equity opportunities. This acquisition of Plymouth Industrial REIT represents a substantial early deployment of capital by the newly established firm.
The transaction benefited from extensive advisory support across financial and legal disciplines. Plymouth engaged KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC as financial advisors, with legal counsel provided by Morrison & Foerster LLP and Alston & Bird LLP. Makarora retained Moelis & Company LLC as its lead financial advisor, supplemented by Citigroup Global Markets Inc., with legal representation from Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP. Ares Alternative Credit funds were advised by Latham & Watkins LLP and Kirkland & Ellis LLP, while Dechert LLP served as Citigroup's legal counsel.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.