BB&T Capital Markets Serves as Joint Bookrunner on Plymouth Industrial REIT, Inc.’s Initial Public Offering
BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $58,140,000 for our client.
The Company will contribute the net proceeds from this offering, including any net proceeds from the exercise of the over-allotment option, to its operating partnership in exchange for OP units. The Company expect its operating partnership will use approximately $20.0 million of the net proceeds from this offering to redeem the preferred interests. The operating partnership is expected to use the remaining net proceeds to acquire and manage additional industrial properties and for general corporate purposes. Total gross proceeds includes the partial exercise of the underwriters’ over-allotment option, through which they purchased an additional 160,000 shares.
About the Companies
Plymouth Industrial REIT, Inc. (“PLYM” or “The Company”) is a full service, vertically integrated real estate investment company focused on the acquisition and management of single and multi-tenant distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the Eastern half of the U.S. PLYM seeks to acquire properties that provide current operating income and the opportunity to enhance shareholder value through property re-positioning, capital improvements and restructuring tenant leases.
The BB&T Capital Markets Real Estate Group is led by an experienced banking team focused on serving the broad needs of Real Estate Investment Trusts (REITs) and private real estate sponsors. Our corporate and investment bankers are experts in all aspects of REITs and commercial real estate, allowing us to provide a comprehensive suite of capital markets solutions ranging from corporate lending, equity and debt underwriting, joint venture equity placements, and merger and acquisition advisory. This unique teaming enables us to serve clients with financing options that are optimized for their specific needs and strategic initiatives.
Core services include at-the-market (ATM) offerings, entity-level recapitalizations, follow-on equity offerings, initial public offerings, joint venture equity, merger and acquisition (M&A) advisory, preferred stock offerings, sale leasebacks, senior debt offerings, and stock repurchase programs.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.