AIP Realty Trust Announces Acquisition of AllTrades Industrial Properties
Deal News | Nov 15, 2024 | Globenewswire
AIP Realty Trust has announced a securities purchase agreement to acquire AllTrades Industrial Properties, LLC, through its subsidiary AIP OP, LP, for a potential total consideration of up to $78.7 million. The transaction includes a combination of cash and series B preferred partnership units. This acquisition is part of AIP's strategy to expand its portfolio of AllTrades branded light industrial flex facilities across the Sunbelt States in the U.S. Plymouth Industrial OP, LP, a subsidiary of Plymouth Industrial REIT, Inc., has invested $2.2 million in AIP to support this transaction. The deal is subject to approval by the TSX Venture Exchange, Trust unitholders, and the completion of a formal valuation. The transaction may be classified as a Reverse Takeover under TSXV policies. A comprehensive news release will be posted on AIP's SEDAR+ profile. AIP Realty, with plans for national expansion, emphasizes the innovative nature of AllTrades’ Service Industrial Business Suites, which cater to small businesses and trade sectors.
Sectors
- Real Estate
- Investment
- Construction and Development
Geography
- United States – The primary geographical focus for AIP's expansion with AllTrades-branded properties is across the Sunbelt States.
- Canada – AIP Realty Trust is listed on the TSX Venture Exchange, indicating its base operations and investor focus in Canada.
Industry
- Real Estate – Involves the acquisition, ownership, and management of properties, focusing on industrial and flexible workspace facilities.
- Investment – Deals with the acquisition of business entities and the allocation of financial resources to expand business operations.
- Construction and Development – Focuses on the development and construction of new facilities, particularly AllTrades' Service Industrial Business Suites.
Financials
- $78,700,000 – Aggregate consideration for the acquisition of AllTrades.
- US$2,200,000 – Investment amount by Plymouth Industrial OP, LP in AIP Realty Trust.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| AIP Realty Trust | Acquirer | Company | A real estate investment trust focusing on small business industrial properties. |
| AllTrades Industrial Properties, LLC | Target Company | Company | A company involved in the construction and development of industrial properties. |
| Plymouth Industrial OP, LP | Investor | Company | A subsidiary of Plymouth Industrial REIT, providing investment support for AIP Realty Trust. |
| Raymond James Ltd. | Financial Advisor | Company | Providing a fairness opinion related to the AllTrades transaction. |
| Les Wulf | Executive Chairman | Person | Leading the strategy for AIP's expansion and acquisition of AllTrades. |
| Greg Vorwaller | CEO | Person | Key executive involved in AIP's acquisition strategy. |
| Jeffrey Witherell | Investor Observer | Person | CEO of Plymouth, involved in overseeing the investment in AIP. |