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CEO Scott Frederiksen Source: YouTube
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  • Blackstone Real Estate Income Trust Inc. has completed its acquisition of WPT Industrial Real Estate Investment Trust (WIR.UN)
  • The series of transactions resulted in unit holders receiving US$22.00 per outstanding unit of WPT in an all-cash transaction valued at US$3.2 billion, including the assumption of debt
  • The price per unit represents a 17.1 per cent premium to the closing price of units on August 6, a 19.5 per cent premium to WPT’s 30-day volume weighted average unit price on the TSX until the same date, and a 32.1 per cent premium to the current research consensus net asset value per unit estimate for WPT of US$16.66 per unit
  • The outstanding units will be delisted from the TSX at today’s close of the market and WPT will apply to cease to be a reporting issuer under applicable Canadian securities law
  • WPT Industrial Real Estate Investment Trust (WIR.UN) is unchanged trading at $26.81 per share at 1:25 p.m. ET

Blackstone Real Estate Income Trust Inc. has completed its acquisition of WPT Industrial Real Estate Investment Trust (WIR.UN).

The series of transactions resulted in unitholders receiving US$22.00 per outstanding unit of WPT in an all-cash transaction valued at US$3.2 billion, including the assumption of debt.

The transaction was initially announced on August 9.

The price per unit represents a 17.1 per cent premium to the closing price of units on August 6, a 19.5 per cent premium to WPT’s 30-day volume-weighted average unit price on the TSX until the same date, and a 32.1 per cent premium to the current research consensus net asset value per unit estimate for WPT of US$16.66 per unit.

Scott Frederiksen, CEO of WPT, commented, “We are very proud to enter into a transaction that delivers unitholders a compelling premium to net asset value per unit and our all-time high unit price.”

“Blackstone’s interest in acquiring and investing in the WPT platform is a testament to the quality of our portfolio and capabilities of our team,” he said.

The outstanding units will be delisted from the TSX at today’s close of the market and WPT will apply to cease to be a reporting issuer under applicable Canadian securities law.

With the closing of the transaction, former members of the WPT management team will continue to do business under the name CPT Capital Advisors as an independently owned and operated company.

WPT Industrial Real Estate Investment Trust (WIR.UN) is unchanged trading at $26.81 per share at 1:25 p.m. ET.

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