Plymouth Opportunity REIT, a non-traded Boston-based REIT, has changed its name to Plymouth Industrial REIT (Plymouth REIT). Launched in 2011, Plymouth REIT claims to be driven more by total return rather than dividends. It focuses on acquiring Class B properties with predictable cash flows.
After raising just $10.5 million of funds through the independent broker-dealer channel, the company decided to close its initial public offering in January of 2014. At the time, it had ownership interest in three joint ventures.
As of August 13, 2014 Plymouth REIT had reached gross offering proceeds of approximately $11.581 million and closed on an industrial property earlier this month.
Along with its name change, the company intends to list on the New York Stock Exchange under the symbol “PLYM”.
With the funds raised from its listing, Plymouth REIT intends to complete the acquisition of 20 industrial buildings through nine transactions for an aggregate purchase price of approximately $146.9 million.
JMP Securities and Sandler O’Neill & Partners have been announced as underwriters of the deal.