Industrial Income Trust Stockholders Approve $4.55 Billion Merger

Industrial Income Trust Inc., a publicly registered non-traded real estate investment trust, announced that its stockholders approved the merger of the company with and into Western Logistics II LLC, an affiliate of Global Logistic Properties Limited, in an all cash transaction valued at approximately $4.55 billion. The merger is expected to close on or about November 4th.

“We are very pleased that our stockholders have approved the acquisition of the company by GLP, a leading global provider of modern logistics facilities,” said Dwight Merriman, chief executive officer of IIT. “We thank our stockholders for their investment and ongoing support, and believe this merger provides compelling value for all of our stockholders.”

Upon announcement of the merger agreement in July, the REIT estimated that its shareholders would receive up to $11.12 per share as total consideration. Shareholders paid $10 per share of the REIT.

The estimated per share amount includes $10.30 per share in cash to be paid by Global Logistics Properties upon the close of the merger, an estimated $0.26 per share in cash to be paid at close of the merger through net borrowings of a liquidating entity established to dispose of other assets held by the REIT not subject to the merger, and an estimated $0.56 per share to be paid in cash upon consummation of the sale of these excluded assets.

Industrial Income Trust has built a national operating platform of distribution warehouses leased to creditworthy corporate customers. The company purchased its first property in June 2010, and through 2013, has raised approximately $2.2 billion in investor equity. Upon completion of the merger transaction, IIT will have achieved its stated investment objectives of providing consistent current income and value creation through active asset management of its properties, culminating in a successful liquidity event for its stockholders.

Global Logistic Properties is a global provider of modern logistics facilities, which develops, owns and manages a 452 million-square-foot portfolio of logistics facilities across China, Japan, Brazil and USA that cater to domestic consumption. As of June 30, 2015, the company’s total assets under management totaled $29 billion.