- Ares and Makarora acquired Plymouth Industrial REIT in an all-cash $2.1B transaction.
- The industrial investment deal valued Plymouth at $22.00 per share—a 50% premium over its pre-bid closing price.
- Plymouth grew its portfolio by 75.5% YOY, reaching 32.1M SF as of September 2025.
- REIT M&A volume surged to $16.3B in H2 2025, driven by strong institutional demand.
Industrial Investment Momentum
The Commercial Property Executive reports that Ares Alternative Credit Funds and Makarora Management have finalized the acquisition of Plymouth Industrial REIT, marking a major industrial investment milestone. The $2.1B all-cash deal, priced at $22.00 per share, displaced an earlier, higher offer from Sixth Street Partners and highlights intensifying competition in the sector.
Why the Deal Matters
The industrial investment surge reflects Plymouth’s strong performance, with the REIT adding nearly 2.9M SF to its portfolio over three quarters in 2025 for $269.7M. This represents robust 75.5% portfolio year-over-year growth. Key acquisitions, like a 2M SF portfolio from Investcorp for $193M, strengthened Plymouth’s national footprint.
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Wider Market Impact
REIT M&A activity rocketed in the latter half of 2025, with industrial investment playing a prominent role. Six major REIT deals totaling $16.3B were announced, compared to only $1.7B in the first half. While the largest 2025 agreement was in the office sector, industrial and retail also attracted significant institutional capital, with Ares also making headlines for targeting GLP Capital Partners in a $5.2B transaction, underscoring its aggressive expansion strategy.
What’s Next
The success of this industrial investment transaction signals potential for more REIT consolidation as investors seek scale and operational efficiencies. Strong fundamentals, robust demand, and premium pricing could maintain momentum for large-scale industrial M&A moving into 2026.
