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