U.S. Industrial Logistics to buy two industrial portfolios for $905.3 mln

U.S.-based real estate investment trust Industrial Logistics Properties Trust is buying two portfolios of industrial properties for $905.3 million.

ILPT will buy an eight-property portfolio located in the Indianapolis and Cincinnati market areas, with an aggregate of approximately 4.2 million square feet for $280 million.

The company intends to purchase 18 properties located in 12 states for $625.3 million from affiliates of Cole Office & Industrial REIT Inc, funded via cash on hand from its recent mortgage financing and drawing from revolving credit facility.

Further, ILPT also closed on seven of the eight properties and the purchase of the remaining property remains subject to due diligence and is expected to close within 60 days.