Plymouth REIT Partners With Sixth Street, Secures $500M For Growth
Portfolio Pulse from Benzinga Newsdesk
Plymouth REIT has partnered with Sixth Street to secure $500 million for growth, focusing on acquisitions and joint ventures. Sixth Street will invest $250 million in a joint venture for Plymouth's Chicago portfolio, with Plymouth retaining 35% ownership. The transaction is leverage-neutral, and Plymouth maintains its 2024 Core FFO guidance.
August 27, 2024 | 11:03 am
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Plymouth REIT has secured $500 million in capital through a partnership with Sixth Street, focusing on acquisitions and joint ventures. The deal includes a $250 million investment in a joint venture for Plymouth's Chicago portfolio, with Plymouth retaining 35% ownership. The transaction is leverage-neutral, and Plymouth maintains its 2024 Core FFO guidance.
The partnership with Sixth Street provides significant capital for growth, enhancing Plymouth's acquisition capabilities. The joint venture for the Chicago portfolio and the leverage-neutral nature of the transaction are positive indicators for Plymouth's financial health and strategic direction. Affirmation of the 2024 Core FFO guidance further supports a positive outlook.
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