08:01 AM EDT, 08/27/2024 (MT Newswires) -- Plymouth Industrial (PLYM) said on Tuesday it secured a $250 million investment from Sixth Street, which will enable the company to fund additional growth without exclusive reliance on the public equity markets.

The company said the joint venture also helps to offload legacy assets, generate fee income, reduce borrowings from its Memphis acquisition, and remove about $67 million in secured debt from the balance sheet.

Under the deal terms, Sixth Street is investing $116 million in a joint venture for the company's Chicago portfolio.

It is also investing $140 million in Series C Preferred Equity, with an initial $61 million closing on August 26 and the remaining $79 million within nine months.

Sixth Street also receives 11.76 million detachable warrants to purchase operating partnership common units, exercisable at various prices over a five-year term with a two-year extension option.

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