MergerMay 18, 2026, 06:37 AM
Sachem Capital to Merge with IRG Global, Form $3.4B IRG Realty Trust
AI Summary
Sachem Capital Corp. and Industrial Realty Group Global, LLC announced a definitive contribution agreement to combine and form IRG Realty Trust, Inc. IRG Global will contribute 98 industrial assets, creating a top-10 public industrial REIT with an implied combined enterprise value of approximately $3.4 billion. The transaction values Sachem common shares at $2.00 per share, a 90% premium to the 30-day VWAP, and is expected to be accretive to Sachem's per-share earnings in 2027. This strategic combination aims to transform Sachem into a scaled industrial platform with multiple growth levers and an improved cost of capital.
Key Highlights
- IRG Global will contribute 98 industrial assets to Sachem Capital Corp. to form IRG Realty Trust, Inc.
- The combined company is expected to have an implied enterprise value of approximately $3.4 billion.
- The transaction values Sachem common shares at $2.00 per share, representing a 90% premium to the 30-day VWAP.
- IRG Global is expected to own approximately 94.1% of the outstanding OP Units, with Sachem shareholders owning 5.9%.
- Sachem will undergo a 20-to-1 reverse stock split, redomesticate to Delaware, and change its name to IRG Realty Trust, Inc.
- The transaction is expected to close by the end of 2026, subject to customary conditions including Sachem shareholder approval.
- The industrial portfolio comprises 48 million square feet with 90.5% occupancy.
- IRGT is expected to have net debt to EBITDA in the mid-8.0x range, with a target to reduce it below 6.0x over time.
Price Impact
More from SACH