Blackstone Real Estate Income Trust (BREIT) is buying TSX-listed WPT Industrial Real Estate Investment Trust in a $3.1bn (€2.6bn) deal.
BREIT has agreed to pay WPT unitholders $22 for each unit held, an offer which represents a 17.1% premium to the closing price of the units last closing price.
WPT, an open-ended real estate investment trust, acquires, develops, manages and owns distribution and logistics properties located in the US.
BREIT, a perpetual-life real estate investment platform, invests primarily in stabilised, income-generating US commercial real estate across key property types and to a lesser extent in real estate debt investments.
Scott Frederiksen, CEO of WPT Industrial Real Estate Investment Trust, said Blackstone’s interest in acquiring and investing in the WPT platform is a testament to the quality of the firm’s portfolio and capabilities of the team.
David Levine, senior managing director at Blackstone said: “Logistics remains one of our highest conviction themes as the sector continues to benefit from strong tailwinds driven by e-commerce.
“We look forward to expanding our logistics presence across key US markets with the acquisition of this high-quality portfolio that WPT has built.”
The transaction, which is subject to WPT unitholders approval, is expected to close in the fourth quarter of 2021.
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