NY, Singapore firms complete purchase of INDUS Realty Trust
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.
A partnership of investment firms headquartered in New York and Singapore recently completed an $868 million acquisition of INDUS Realty Trust, a real estate investment firm with significant holdings in Connecticut.
INDUS is principally engaged in acquiring, developing, managing and leasing industrial and logistics properties. It owns dozens of industrial and logistics buildings with more than 6 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida, and has been one of the most active developers in Greater Hartford for years.
New York-based global investment firm Centerbridge Partners, which already owned a stake in INDUS, bought out the outstanding shares with GIC Real Estate Inc., a global investor located in Singapore. A subsidiary of the Abu Dhabi Investment Authority will act as an investor alongside Centerbridge in ownership of INDUS.
As a result of the completion of the transaction, INDUS’ common stock will no longer trade on Nasdaq and will be delisted.
In Connecticut, the transaction included 16 properties – three in East Granby and the remainder in Windsor, according to CoStar.
The Connecticut assets range from a 304,200-square-foot, fully leased, industrial building in Windsor, to a 23,000-square-foot outdoor sports and entertainment venue in Windsor.
INDUS evolved out of cigar company Culbro Corp., which began its transformation into an industrial-focused real estate company with the construction of a 40,000-square-foot warehouse on a former tobacco field in East Granby in 1978. Over the following decades, INDUS would build a 600-acre industrial park around that property, spanning parts of East Granby and Windsor, as it pursued development and acquisitions elsewhere.
“We are excited to have closed this transaction and look forward to the Company’s next phase under Centerbridge, GIC and ADIA’s ownership,” said Michael Gamzon, President and CEO of INDUS, according to a recent release by the company. “We are pleased to deliver significant value to our stockholders and are grateful for their support over the years. I would like to thank all of our employees for their commitment to our company and efforts to build our high-quality portfolio and platform. This transaction is an incredible validation of their efforts.”
Adam Gallistel, head of Americas real estate for GIC, said his company is confident in the long-term stability of the U.S. industrial sector and INDUS as a strong asset.
Billy Rahm, global head of real estate at Centerbridge, said the new ownership will continue to grow INDUS “organically” and through acquisitions.
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