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WPT Industrial Real Estate Investment Trust Completes USD100 Million Initial Public Offering; Announces Cash Distributions

Friday, 26 Apr 2013 09:14am EDT 

WPT Industrial Real Estate Investment Trust announced that it has completed its Initial Public Offering (IPO) of 10,000,000 units at a price of USD10.00 per unit. The offering raised gross proceeds of USD100 million and was underwritten by a syndicate of underwriters co-led by CIBC and RBC Capital Markets. The units will begin trading on the Toronto Stock Exchange from April 26, 2012 under the symbol WIR.U. The REIT has granted the underwriters an over-allotment option, exercisable at any time up to 30 days following the closing, to purchase up to an additional 1,500,000 units at a price of USD10.00 per unit which, if exercised in full, would increase the total gross proceeds of the offering to USD115 million. The net proceeds of the Offering were used by the REIT, through WPT Industrial, LP (the Partnership) (the REIT's operating subsidiary), to indirectly acquire from Welsh Property Trust, LLC (Welsh) a portfolio of properties consisting of approximately 8.6 million square feet of gross leasable area, comprised of 35 industrial properties and two office properties located in 12 states in the U.S., and to discharge debt including mortgages encumbering certain of the properties being acquired. The first cash distribution, which will be for the period from the date of closing of the offering to May 31, 2013, is expected to be paid on June 17, 2013 to unitholders of record on May 31, 2013. The amount of the first distribution will be USD0.0690 per unit. 

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