DENVER—Industrial Income Trust has completed its merger with Western Logistics II, an affiliate of Global Logistic Properties Limited, in an all cash transaction valued at about $4.55 billion.

In connection with the closing, stockholders of IIT are expected to be paid a cash distribution of $10.56 per share within five business days as well as a distribution of units of beneficial interest of a liquidating trust as described further below.

Concurrently with the closing of the acquisition, IIT transferred 11 properties that are under development or in the lease-up stage to a liquidating trust and distributed the units of interest in the trust to current IIT stockholders, with one unit being distributed for each share held.

IIT estimates that an additional approximately US$0.56 net per liquidating trust unit will be paid in cash upon consummation of the sales of all of those properties. The actual amounts ultimately distributed by the Liquidating Trust will likely differ, perhaps materially, from this estimate based on, various conditions and outcomes. The liquidating trust intends to sell the excluded properties with the goal of maximizing the value for IIT's stockholders.