Makarora and Ares Acquire Plymouth Industrial REIT for $2.1 Billion

On October 24, 2025, Makarora Management LP and Ares Alternative Credit acquired Plymouth Industrial REIT for $2.1 Billion in an all-cash transaction. Plymouth is a Real Estate Investment Trust (REIT) that purchases and manages industrial real estate assets. Headquartered in Boston, they focus on real estate investments that offer high income and growth opportunities. Makarora Management LP is an investment management firm established in New York City, seeking capital solutions in the real estate industry. Ares Management Corporation is a leading global alternative asset manager that offers clients investment solutions across private equity, real estate, credit, and infrastructure sectors. 

The all-cash transaction means that the company was acquired with available funds, rather than using a loan or debt through a typical leveraged buyout process. The credit firms will acquire all outstanding shares of Plymouth’s common stock, as well as all outstanding limited partnership interests of Plymouth at $22.00 per share. Plymouth’s shares will be de-registered from the NYSE and will become a private company, delivering a significant and immediate value to its shareholders, according to CEO and Co-Founder Jeff Witherell. The purchase price is said to show a premium of approximately 50%, which means that the agreed-upon purchase price per share was 50% higher than what the company’s stock was trading at before acquisition. Makorara and Ares paid this 50% premium because they believe they can increase their profits once they fully acquire the company and are operating the business. An attractive element of Plymouth is that they are vertically integrated, meaning they control multiple stages of the supply chain: production, manufacturing, transportation, and sales. This is highly attractive to Makorara and Ares because with vertical integration, it will be easier to minimize costs and maximize profits. 

This deal is expected to close in early 2026, however Plymouth intends to proceed in a 30-day “go-shop” period that expires on November 23, 2025. This 30-day period allows Plymouth and its advisors to seek alternative deals, where they can consider offers from third party firms if they are willing to pay a higher price. If so, Plymouth has the right to terminate the agreement with Makarora and Ares and proceed with its alternative investor. Plymouth does not intend to provide updates during this “go-shop” period.