TORONTO, Sept. 26, 2018 (GLOBE NEWSWIRE) -- WPT Industrial Real Estate Investment Trust (the “REIT”) (TSX: WIR.U – OTCQX: WPTIF) announced today that Welsh Property Trust, LLC (“Welsh”) sold 2,361,672 REIT units, on a block trade basis at a price of US$13.21 per unit (the “Sale”). Welsh acquired such REIT units upon the redemption of an equivalent number of class B limited partnership units of the operating subsidiary limited partnership of the REIT. Such class B limited partnership units have been held by Welsh since completion of the REIT’s initial public offering in 2013 and the Sale was required in connection with Welsh’s orderly liquidation upon expiry of its term life.
Scott Frederiksen, Chairman of the Board and Chief Executive Officer of the REIT, and Matthew Cimino, Chief Operating Officer, General Counsel & Secretary of the REIT, held a non-controlling interest in certain entities owning an interest in Welsh and therefore beneficially owned, in aggregate, approximately 20,428 of the REIT units included in the Sale. Following the Sale, Welsh will no longer hold an equity interest in the REIT and management of the REIT will continue to collectively own an effective equity interest in the REIT of approximately 5.3% (on a fully diluted basis).
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 for the purpose of acquiring, developing, managing and owning primarily industrial investment properties located in the United States, with a particular focus on warehouse and distribution industrial real estate. As of June 30, 2018, WPT Industrial, LP (the REIT’s operating subsidiary) indirectly owned a portfolio of properties consisting of approximately 18.1 million square feet of gross leasable area, comprised of 54 industrial properties and one office property located in 15 states in the United States. The REIT pays monthly cash distributions, currently at US$0.0633 per Unit, or approximately US$0.76 per Unit on an annualized basis, in US funds.
For further information, please contact:
Scott Frederiksen, Chief Executive Officer
WPT Industrial Real Estate Investment Trust
Tel: (612) 800-8501
www.wptreit.com