Blackstone to acquire WPT Industrial in US$3.1B dealand Blackstone strikes again buying back some of the assets of Pure Industrial that they sold to WPT.
Soon Blackstone will own all the industrial companies in Canada other than Granite. Blackstone
has agreed to buy WPT Industrial Real Estate Investment Trust for about $1.86-billion, as it looks to capitalize on the e-commerce-driven boom in demand for logistics properties.
The deal announced on Monday values Canada-based WPT Industrial, the owner of more than 100 logistics properties across 19 U.S. states, at $22 per unit. That represents a premium of 17 per cent to its last close.
“Logistics remains one of our highest conviction themes as the sector continues to benefit from strong tailwinds driven by e-commerce,” Blackstone senior managing director David Levine said in a statement.
The acquisition, which will be executed through Blackstone’s real estate income trust, is valued at $3.1-billion including debt. It includes a break-up fee of $73.8-million in case WPT Industrial enters into a superior deal.
Morgan Stanley and Desjardins Capital Markets served as advisers to WPT Industrial, while Eastdil Secured advised Blackstone.