MergerMay 18, 2026, 06:11 AM
Sachem Capital to merge with IRG industrial assets, forming $3.4B REIT
AI Summary
Sachem Capital Corp. and Industrial Realty Group (IRG) announced a definitive agreement for IRG to contribute 98 industrial assets to Sachem, creating IRG Realty Trust, Inc. (IRGT). The combined company will have an implied enterprise value of approximately $3.4 billion and will reposition Sachem as a scaled industrial REIT. The transaction values Sachem common shares at $2.00 per share, representing a 90% premium, and is expected to deliver an immediate strategic reset and long-term growth for Sachem shareholders.
Key Highlights
- IRG to contribute 98 industrial assets to Sachem Capital.
- Combined company, IRG Realty Trust, Inc. (IRGT), to have an implied enterprise value of approximately $3.4 billion.
- Transaction values Sachem common shares at $2.00 per share, a 90% premium to 30-day VWAP.
- IRG to own ~94.1% of combined company via OP units; Sachem shareholders to own ~5.9%.
- IRGT expected to own 98 industrial properties with $2.9 billion gross real estate asset value plus Sachem's $470 million assets.
- Combined company to execute a 20-to-1 reverse stock split.
- Transaction unanimously approved by Sachem's board and expected to close by end of 2026.
Price Impact
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