WPT Industrial REIT announces completion of its previously announced public offering of trust units

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, Jan. 28, 2015 /CNW/ - WPT Industrial Real Estate Investment Trust (TSX:WIR.U) (the "REIT") announced today that it has completed its previously announced public offering of trust units of the REIT ("Units") with a syndicate of underwriters, co-led by RBC Capital Markets and CIBC, on a bought deal basis (the "Offering"). A total of 4,312,500 Units (including Units issued pursuant to the exercise in full of the over-allotment option granted to the underwriters by the REIT) were issued at a price of US$10.80 per Unit (the "Offering Price") for total gross proceeds of US$46,575,000.

The REIT intends to use approximately US$37,000,000 of the net proceeds from the Offering, after payment of expenses of the Offering, to fund a portion of its previously announced acquisition of a portfolio of six industrial properties in Memphis, Tennessee (the "Acquisition") representing approximately 2.3 million square feet of gross leaseable area for an aggregate purchase price of approximately US$86.25 million (exclusive of closing costs and the acquisition fee). The Acquisition is expected to close on or about February 20, 2015. In the event that the Acquisition is not completed, the aggregate net proceeds of the Offering will be used by the REIT to fund future acquisitions, for repayment of indebtedness and for general trust purposes.

The Units under the Offering were offered in Canada pursuant to a short form prospectus filed with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada, pursuant to National Instrument 44-101 - Short Form Prospectus Distributions. A copy of the short form prospectus is available under the REIT's profile on the SEDAR website at www.sedar.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Units have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

About WPT Industrial Real Estate Investment Trust:

WPT Industrial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been formed to own and operate an institutional-quality portfolio of primarily industrial properties located in the United States, with a particular focus on warehouse and distribution industrial real estate. WPT Industrial, LP (the REIT's operating subsidiary) indirectly owns a portfolio of properties consisting of approximately 12.8 million square feet of gross leasable area, comprised of 40 industrial properties and two office properties located in 12 states within the United States. 

Forward-Looking Statements

This press release contains "forward-looking information" as defined under applicable Canadian securities law ("forward-looking information" or "forward-looking statements") which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words "plans", "expects", "estimates", "intends", or variations of such words and phrases or statements to the effect that certain actions, events or results "may", "will", "could", "would", "be achieved" or "continue" and similar expressions identify forward-looking statements. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to: the closing of the Acquisition and the expected closing date thereof; and the REIT's intended use of the remaining proceeds of the Offering. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the REIT as of the date of this press release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The REIT's estimates, beliefs and assumptions, which may prove to be incorrect, include the various assumptions set forth herein, including, but not limited to, the REIT's and each property's future growth potential, results of operations, future prospects and opportunities, the demographic and industry trends remaining unchanged, no change in legislative or regulatory matters, future levels of indebtedness, the tax laws as currently in effect remaining unchanged, the continual availability of capital, the current economic conditions remaining unchanged, and continued positive net absorption and declining vacancy rates in the markets in which the REIT's properties are located.

When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under "Risk Factors" in each of the REIT's annual information form for the year ended December 31, 2013 and final short form prospectus dated January 21, 2015, which are available under the REIT's profile on SEDAR at www.sedar.com. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE WPT Industrial Real Estate Investment Trust