Makarora Completes $2.1 Billion Acquisition of Plymouth Industrial REIT
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 27 2026
0mins
Should l Buy ARES?
Source: Globenewswire
- Acquisition Completed: Makarora Management LP, together with Ares Alternative Credit funds, has completed the acquisition of Plymouth Industrial REIT, Inc. for approximately $2.1 billion, marking a significant expansion in the real estate investment sector.
- Shareholder Cash Return: Under the terms of the transaction, Plymouth shareholders will receive $22.00 per share in cash, providing a substantial return that enhances investor confidence in the deal.
- Advisors Involved: KeyBanc Capital Markets and J.P. Morgan acted as financial advisors for Plymouth, while Moelis & Company served as the lead financial advisor for Makarora, ensuring a smooth transaction process.
- Market Impact: The acquisition results in Plymouth no longer being listed on any public securities exchange, reflecting Makarora's strategic decision to consolidate and optimize its investment portfolio, which is expected to enhance its competitive position in the market.
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Analyst Views on ARES
Wall Street analysts forecast ARES stock price to rise
10 Analyst Rating
8 Buy
2 Hold
0 Sell
Strong Buy
Current: 106.680
Low
155.00
Averages
191.40
High
223.00
Current: 106.680
Low
155.00
Averages
191.40
High
223.00
About ARES
Ares Management Corporation is an alternative investment manager offering clients complementary primary and secondary investment solutions across various asset classes. Its segments include Credit Group, Private Equity Group, Real Assets Group, Secondaries Group, and Other. The Credit Group segment manages credit strategies across the liquid and illiquid spectrum, including liquid credit, alternative credit, direct lending and APAC credit. The Private Equity Group segment categorizes its investment strategies as corporate private equity, special opportunities and APAC private equity. The Real Assets Group segment manages comprehensive equity and debt strategies across real estate and infrastructure investments. The Secondaries Group segment invests in secondary markets across a range of alternative asset class strategies, including private equity, real estate, infrastructure and credit. It has operations across North America, South America, Europe, Asia Pacific and the Middle East.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Default Risk Assessment: Ares Management CEO Michael Arougheti stated at the HSBC Investment Summit in Hong Kong that private credit default risks remain relatively contained, with no signs of an impending major default cycle, reflecting the firm's confidence in its portfolios.
- Surge in Redemption Requests: In Q1 2026, investors sought to withdraw over $20 billion from private credit firms, highlighting growing concerns over liquidity, valuations, and transparency, which could impact the industry's stability.
- Stress Testing Measures: Wall Street executives reported that they are stress-testing and closely monitoring private credit portfolios, and despite market volatility, they remain comfortable with their exposure, indicating confidence in the sector.
- Software Sector Impact: BlackRock executive Rachel Lord noted that recent pressures are primarily tied to repricing in the software sector, asserting that while volatility exists, there is no bubble, and the “fog” surrounding private credit is expected to clear.
See More
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- Market Confidence Recovery: Joan Solotar, global head of Blackstone Private Wealth, asserts that despite facing a wave of redemptions, the firm remains optimistic about the long-term returns of private credit, arguing that current market panic does not reflect the actual investment fundamentals.
- Increased Transparency: Solotar emphasizes that Blackstone's private credit funds disclose loan information more transparently than banks, countering external criticisms of opacity, as the firm provides detailed reports at the individual loan level every quarter, thereby enhancing investor confidence.
- Risk Assessment: While market analysts predict loan default rates could reach 15%, Solotar points out that less than 5% of Blackstone's assets are vulnerable to AI disruptions, demonstrating the resilience and risk management capabilities of its investment portfolio.
- Long-Term Growth Potential: Blackstone aims to grow its assets under management from $300 billion to $1 trillion in the coming years, with Solotar noting that as demand for private investments continues to rise, the expansion of the private market is still in its early stages, promising better returns for investors in the future.
See More
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- Focus on Policy Changes: As the market continues to monitor Federal Reserve policies, the performance of financial stocks may be directly impacted by any changes in policy, necessitating close attention to relevant economic indicators by investors.
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See More
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- Direct Lending Fund Initiative: Ares Management is gauging investor interest for a direct lending fund with a preliminary target size of approximately $20 billion, indicating the company's proactive stance in the private credit sector to meet liquidity demands in the market.
- Redemption Limitation Actions: In Q1 2023, Ares capped redemptions from its Strategic Income Fund at 5% after receiving $1.2 billion in redemption requests, reflecting investor concerns in the private credit market, with total redemption requests reaching $20.8 billion across the sector.
- Smaller Fund Size: The new fund targets equity commitments between $10 billion and $12 billion, significantly smaller than the previous record-breaking vehicle of $33.6 billion, which is expected to expedite the timeline for raising and deploying capital, allowing the company to respond more flexibly to market changes.
- M&A Transaction Update: Whitestone REIT has entered into a definitive merger agreement with Ares Real Estate funds for an all-cash acquisition valued at approximately $1.7 billion, further solidifying Ares's position in the real estate investment landscape.
See More
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- Fund Size Expansion: Ares US Real Estate Fund XI reached its hard cap of $3.1 billion, contributing to a total of $3.5 billion for the US strategy, while EPEP IV secured around $1.9 billion for European opportunities, demonstrating the company's strong appeal in the global real estate market.
- Clear Investment Direction: The raised capital will target high-conviction 'New Economy' sectors such as logistics, multifamily, and self-storage, as Ares aims to acquire high-quality assets in supply-constrained markets that benefit from long-term structural demand through a combination of global insights and regional teams.
- Asset Management Scale: As of December 31, 2025, Ares Real Estate managed approximately $114 billion in assets with a global team of over 740 professionals, continuing to execute diverse equity and debt strategies across the Americas, Europe, and the Asia-Pacific region.
See More
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- Fitch Ratings Update: Fitch Ratings has affirmed the strategic income fund's rating at 'BBB-', indicating a stable outlook for the fund.
- Market Implications: The stable outlook suggests that the fund is expected to maintain its current performance and risk profile in the near future.
See More
