WPT Industrial REIT completes US$126.6M financing

WPT Industrial Real Estate Investment Trust (the REIT) completed a public offering of 6,735,500 trust units at a price of US$12.85 per unit for gross proceeds to the REIT of approximately US$86.6 million, including the full exercise of the over-allotment option (the Treasury Offering).

WPT Industrial Real Estate Investment Trust (the REIT) completed a public offering of 6,735,500 trust units at a price of US$12.85 per unit for gross proceeds to the REIT of approximately US$86.6 million, including the full exercise of the over-allotment option (the Treasury Offering).

Concurrent with the Treasury Offering, Welsh Property Trust, LLC (Welsh) also completed a secondary offering of 3,115,000 units of the REIT at a price of US$12.85 per unit for gross proceeds to Welsh of approximately US$40 million (the Secondary Offering, and together with the Treasury Offering, the Offering).

The Offering was made through a syndicate of underwriters co-led by Desjardins Capital Markets, CIBC Capital Markets and RBC Capital Markets, with Desjardins Capital Markets and CIBC Capital Markets acting as joint bookrunners, and including, BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., Industrial Alliance Securities Inc. and Canaccord Genuity Corp.

The REIT and Welsh were represented internally by Matthew Cimino (General Counsel and Secretary for each of the REIT and Welsh). Blake, Cassels & Graydon LLP acted as Canadian counsel to the REIT and Welsh, with a team that included William Fung, Matthew Merkley, Alison Desipio and Yousaf Khan (securities) and Andrew Spiro and Evan Schmid (tax). Briggs and Morgan, Professional Association acted as US co-counsel to the REIT and Welsh, with a team that included Steven Ryan, Thomas Steichen and Marcus Laman (securities). Shearman & Sterling LLP acted as US co-counsel to the REIT and Welsh, with a team of Larry Crouch and Emalie Sundale (tax).

The syndicate of underwriters were represented by Davies Ward Phillips & Vineberg LLP, with a team in Canada that included Jim Reid and Jared Solinger (securities) and Raj Juneja and Chris Anderson (tax); and in the United States with a team that included Scott Fisher (securities) and Peter Glicklich and Heath Martin (tax).

Lawyer(s)

Firm(s)

Blake, Cassels & Graydon LLP Davies Ward Phillips & Vineberg LLP