Key Takeaways
- • Makarora Management LP and Ares Alternative Credit funds completed a $2.1 billion all-cash acquisition of Plymouth Industrial REIT, with Plymouth shareholders receiving $22.00 per share, effective January 27, 2026.
- • Plymouth Industrial REIT has been delisted from public securities exchanges following the completion of the acquisition, transitioning from a publicly traded REIT to a privately held entity.
- • Makarora, established in 2024, is a New York-based investment management firm focused on differentiated capital solutions across opportunistic credit, structured capital, and equity investments in the commercial real estate sector.
- • A consortium of elite financial and legal advisors managed the transaction, including KeyBanc Capital Markets and J.P. Morgan Securities for Plymouth, with Moelis & Company and Citigroup serving as lead advisors to Makarora.
- • The $22.00-per-share acquisition price represents a below-peak valuation, trading below Plymouth's 52-week high of $22.73, reflecting market conditions at the time of close.
Summary
Makarora Management LP, in partnership with Ares Alternative Credit funds, successfully closed its previously announced acquisition of Plymouth Industrial REIT on January 27, 2026, in an all-cash transaction valued at approximately $2.1 billion. Under the transaction terms, Plymouth shareholders received $22.00 per share in cash consideration. The completion of the acquisition marks the delisting of Plymouth from public securities exchanges, transitioning the industrial REIT from public-market trading to private ownership.
Makarora, a New York-based investment management firm established in 2024, brings together senior professionals with extensive experience navigating global property market cycles. The firm specializes in delivering differentiated capital solutions to the commercial real estate sector, with investment capabilities spanning opportunistic credit, structured capital, and equity instruments. This acquisition represents a significant deployment of capital by the relatively new firm, positioning it as an active player in the industrial real estate market consolidation.
The transaction was facilitated by a sophisticated advisory structure reflecting the deal's scale and complexity. Plymouth's financial advisors included KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC, with legal counsel provided by Morrison & Foerster LLP and Alston & Bird LLP. On the buyer's side, Moelis & Company LLC served as lead financial advisor to Makarora, with Citigroup Global Markets Inc. providing additional financial advisory services. Legal representation for Makarora was handled by Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP, while Ares engaged Latham & Watkins LLP and Kirkland & Ellis LLP as counsel, with Dechert LLP representing Citigroup.
The $22.00-per-share acquisition price, while reflecting strong value for shareholders, closed below Plymouth's 52-week high of $22.73, suggesting market conditions and valuation multiples in the industrial REIT sector at the time of closing. The all-cash structure and swift completion underscore confident capital deployment in the commercial real estate market by Makarora and its strategic partner Ares, signaling confidence in the industrial property sector's fundamentals and Plymouth's asset portfolio.
Makarora, a New York-based investment management firm established in 2024, brings together senior professionals with extensive experience navigating global property market cycles. The firm specializes in delivering differentiated capital solutions to the commercial real estate sector, with investment capabilities spanning opportunistic credit, structured capital, and equity instruments. This acquisition represents a significant deployment of capital by the relatively new firm, positioning it as an active player in the industrial real estate market consolidation.
The transaction was facilitated by a sophisticated advisory structure reflecting the deal's scale and complexity. Plymouth's financial advisors included KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC, with legal counsel provided by Morrison & Foerster LLP and Alston & Bird LLP. On the buyer's side, Moelis & Company LLC served as lead financial advisor to Makarora, with Citigroup Global Markets Inc. providing additional financial advisory services. Legal representation for Makarora was handled by Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP, while Ares engaged Latham & Watkins LLP and Kirkland & Ellis LLP as counsel, with Dechert LLP representing Citigroup.
The $22.00-per-share acquisition price, while reflecting strong value for shareholders, closed below Plymouth's 52-week high of $22.73, suggesting market conditions and valuation multiples in the industrial REIT sector at the time of closing. The all-cash structure and swift completion underscore confident capital deployment in the commercial real estate market by Makarora and its strategic partner Ares, signaling confidence in the industrial property sector's fundamentals and Plymouth's asset portfolio.
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