Newton, MA-based Industrial Logistics Properties Trust has closed on the previously revealed acquisition of a portfolio of 18 properties for $624.7 million. Also, ILPT last week closed on the last remaining property included in the previously announced portfolio acquisition of eight properties which had an aggregate purchase price of $280 million.
“We are pleased with the closing of these portfolio acquisitions which grow our industrial asset base by over $900 million with well located, high quality properties and strong credit tenants, including leading e-commerce companies,” said John Murray, ILPT’s President and CEO.
Murray explained in a prepared statement that “Over 70% of the funds to complete these acquisitions came from unlocking some of the value in our industrial assets in Hawaii. We look forward to the growing cash flows these acquisitions will provide which may enhance our ability to grow distributions and continue to create value for our shareholders.”
Industrial Logistics Properties Trust is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. ILPT is managed by the operating subsidiary of The RMR Group Inc.