Overview
- Sachem Capital and Industrial Realty Group announced Monday a contribution deal that creates IRG Realty Trust with an implied enterprise value of about $3.4 billion.
- IRG will contribute 98 industrial properties, an IRG subsidiary will run daily operations of the portfolio, and Sachem CEO John Villano will step down and remain on the board.
- IRG will own about 94.1% through operating partnership units while current Sachem investors retain roughly 5.9%, with IRG’s voting power capped at 51% through non‑economic Class B shares.
- The agreement values Sachem’s stock at $2.00 per share, a 90% premium to the 30‑day average price, and calls for a 20‑for‑1 reverse split at closing to target a $40 reference price.
- The deal requires approval by Sachem shareholders and new debt financing that Scotiabank is expected to arrange, with closing targeted by the end of 2026 and no assurance on financing terms.