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February 22, 2023

CT landlord INDUS Realty to be acquired in $868M deal

HBJ PHOTO | STEVE LASCHEVER Indus Realty recently received land-use approvals for a 248,000-square-foot distribution center on 59.6 acres at 105 International Drive within the New England Tradeport.
By Greg Bordonaro

INDUS Realty Trust Inc., a major Connecticut landlord, said Wednesday it has agreed to be acquired by two investment firms in a deal valued at about $868 million.

INDUS, a New York real estate investment trust, said it reached an all-cash deal to be purchased by affiliates of New York City-based private investment firm Centerbridge Partners L.P., which already owns a stake in the company, and GIC Real Estate Inc., a global institutional investor.

INDUS announced in November it received an unsolicited bid from Centerbridge and GIC and that it was exploring its options. Its board of directors recently signed off on the deal, which is expected to close this summer, pending shareholder and other approvals. 

Under the terms of the deal, INDUS stockholders will receive $67 per share in cash. The purchase price represents a 17% premium over the company’s stock price on Nov. 25, 2022, the company said.

INDUS Realty was previously known as Griffin Industrial Realty. The company operates nationally and is active in Connecticut. 

In December, INDUS Realty sold eight office/flex properties in Bloomfield for $11 million. 

Also, INDUS Realty recently received land use approvals for a 248,000-square-foot distribution center on 59.6 acres at 105 International Drive in East Granby.

Several years ago, Indus Realty sold two suburban office buildings in Windsor and Bloomfield as part of a larger effort to focus solely on developing, managing and leasing industrial/warehouse space.

INDUS still holds more than 450 acres zoned for industrial development in Bloomfield, Simsbury and Windsor, as well as in Massachusetts. 

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