Sachem Capital Corp. (SACH) and Industrial Realty Group (IRG) signed a definitive agreement to merge into IRG Realty Trust, Inc. (IRGT). The transaction creates a top-10 publicly listed industrial REIT. The combined entity has an implied enterprise value of approximately $3.4 billion.
IRG will contribute 98 industrial properties to the new company. These assets are valued at $2.9 billion. The deal values Sachem common shares at $2.00 per share. This valuation represents a 90% premium to the 30-day volume-weighted average price.
The merger is expected to close by the end of 2026. Sachem shareholders will retain approximately 5.9% ownership of the new entity. IRG will own the remaining stake. The transaction transforms Sachem from a mortgage REIT into a scaled industrial property owner.