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Sixth Street Partners sent out an unsolicited takeover proposal for Plymouth Industrial REIT that values the company at roughly $1.1B.

The San Francisco-based private fund manager already has a 10% stake in the Boston REIT and proposed to buy the rest of the company for $24.10 per share in cash, The Wall Street Journal reported. Shares for Plymouth Industrial were up roughly 47% to $21.85 in midday trading Tuesday.

Sixth Street said it would fund the transaction through a combination of cash from its investment vehicles and roughly $1.5B in new debt financing, according to the WSJ.