Sachem Capital and Industrial Realty Group announce $3.4 billion combination to form IRG Realty Trust

Sachem Capital Corp. and Industrial Realty Group said on May 18 that they have entered into a definitive combination to create a new public industrial real estate investment trust called IRG Realty Trust, Inc.

The companies said the transaction would bring 98 industrial assets into the combined business and described IRG Realty Trust as a top-10 public industrial REIT. Reported terms put the implied enterprise value at about $3.4 billion.

The announcement was made in a press release and later echoed in additional coverage, including CoStar and Reuters syndication. IRG also highlighted the deal on its official news page.

The deal is being described in some coverage as a merger, while the company release frames it as a definitive contribution agreement. Reported valuation figures also vary by source, with some references citing about $3.4 billion in enterprise value and others describing roughly $2.9 billion of contributed assets.

The companies have not yet resolved every open question around closing. Remaining issues include final shareholder approvals, closing conditions, and any changes to ownership or governance terms before completion.