Sullivan Represents REIT in First IPO of 2018 in the United States

Press Release
January 17, 2018

Sullivan represented Industrial Logistics Properties Trust (Nasdaq: ILPT), a real estate investment trust, which focuses on industrial and logistics properties, in the first IPO of 2018 in the United States. The initial public offering of ILPT’s common shares raised $480 million in gross proceeds, making it the largest IPO in Sullivan history. ILPT used the bulk of the net proceeds to reduce the amount outstanding under its credit facility.

ILPT, managed by The RMR Group LLC, was a subsidiary of Select Income REIT (Nasdaq: SIR), and SIR continues to own about 70% of the now public company. ILPT owns 266 properties, leased to tenants that are capitalizing on the boom in online shopping, including Amazon and Federal Express. As part of the IPO process, ILPT also entered into a new $750 million credit facility, SIR amended its credit facility and Sullivan managed the complex process of transferring the properties and restructuring subsidiaries.

About Sullivan & Worcester
Sullivan & Worcester (Sullivan) is a leading AmLaw 200 law firm. With over 200 attorneys in Boston, London, New York, Tel Aviv and Washington, DC, Sullivan guides organizations that are rewriting the rules. Sullivan’s clients, including Fortune 500 companies and emerging businesses, rely on Sullivan’s strategic vision, comfort with complexity and intense focus on results. As a global law firm, Sullivan’s reach extends beyond the United States. With international practices in the United Kingdom and Israel, Sullivan has represented clients around the world and has a deep bench for working on a variety of matters and issues affecting clients globally. 

Related Practices

Jump to Page