TORONTO — Blackstone Real Estate Income Trust Inc. has signed a deal to buy WPT Industrial Real Estate Investment Trust in an all-cash deal valued at US$3.1 billion including debt.
Toronto-based WPT is a developer, manager and owner of more than 100 distribution and logistics properties in the United States
Under the deal, which is backed by the WPT board of trustees, Blackstone will pay US$22 per unit.
WPT units were up C$3.73 at C$27.36 in midday trading on the Toronto Stock Exchange on Monday.
The deal requires approval by a two-thirds majority vote by unitholders and a simple majority of votes cast by WPT unitholders, excluding votes held by certain unitholders who also hold class B units of a subsidiary of WPT.
The sale is expected to close in the fourth quarter of this year.
This report by The Canadian Press was first published Aug. 9, 2021.
Companies in this story: (TSX:WIR.UN)
The Canadian Press
