Building Magazine


WPT Industrial REIT nets US$100 million from initial IPO

In an initial public offering of 10,000,000 units at a price of US$10.00 per unit, trading on the Toronto Stock Exchange under the symbol “WIR.U” and underwritten by a syndicate of underwriters co-led by CIBC and RBC Capital Markets, WPT Industrial REIT has raised gross proceeds of US$100 million.

The net proceeds of the offering were used by the REIT, through WPT Industrial, LP (the REIT’s operating subsidiary), to indirectly acquire from Welsh Property Trust, LLC a portfolio of properties consisting of approximately 8.6 million square feet of gross leasable area, comprised of 35 industrial properties and two office properties located in 12 states in the U.S. Following closing, Welsh is the external asset manager and property manager of the REIT and holds an approximate 52.1% effective interest in the REIT, on a fully diluted basis, assuming all Class B partnership units of the Partnership held by Welsh are redeemed for Units (approximately 48.6% if the over-allotment option described above is exercised in full).

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