Industrial Logistics plans to draw on revolver to acquire properties

By Sarah Lizee

Olympia, Wash., Feb. 15 – Industrial Logistics Properties Trust plans on using borrowings under its $750 million revolving credit facility and cash on hand to finance its acquisitions of two portfolios of industrial properties for a total purchase price of $905.3 million, according to a press release.

The trust agreed to acquire from an unrelated third party an eight-property portfolio in the Indianapolis and Cincinnati market areas for $280 million, excluding acquisition related costs.

Industrial Logistics also entered into an agreement to acquire from affiliates of Cole Office & Industrial REIT (CCIT II), Inc. a portfolio of 18 properties located in 12 states for $625.3 million, excluding acquisition related costs. According to a separate news release from Cole Office & Industrial, Industrial Logistics will draw $57 million from the revolver to help fund this transaction.

Industrial Logistics is a Newton, Mass.-based real estate investment trust.

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