Blackstone to Buy WPT Industrial for $3.1B

 Blackstone is digging deeper into the industrial asset class with a newly-announced agreement that its REIT will acquire WPT Industrial REIT of Toronto for $3.1 billion. 

WPT acquires, develops, manages and owns distribution and logistics properties located in the US. Its portfolio includes 109 properties across 19 US states.

Blackstone to Buy WPT Industrial for $3.1B | GlobeSt

“Logistics remains one of our highest conviction themes as the sector continues to benefit from strong tailwinds driven by e-commerce,” said David Levine, senior managing director at Blackstone in prepared remarks. “We look forward to expanding our logistics presence across key U.S. markets with the acquisition of this high-quality portfolio that WPT has built.”

The transaction price of US$22.00 per unit represents a 17.1% premium to the closing price of the units on the Toronto stock exchange on August 6, 2021, and a 19.5% premium to WPT’s 30-day volume-weighted average unit price on the Toronto stock exchange for the period ending August 6, 2021 and a 32.1% premium to the current research consensus Net Asset Value per Unit estimate for WPT of US$16.66 per Unit.

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