WPT Industrial Real Estate Investment Trust (TSX: WIR.U), a Canadian REIT that invests in distribution and logistics properties throughout the United States, has received approval from the Supreme Court of British Columbia to sell all outstanding units to Blackstone Real Estate Income Trust, a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX).
Blackstone REIT will purchase the units through a series of transactions for $22.00 each in an all-cash transaction valued at $3.1 billion including the assumption of debt. WPT Industrial REIT oversees a portfolio of 112 properties totaling approximately 38 million square feet across 19 U.S. states.
The transaction is expected to close on October 20, 2021, and once complete, the units will be delisted from the Toronto Stock Exchange.
In other Blackstone REIT news, the company recently registered its third follow-on offering with the Securities and Exchange Commission, comprised of $24 billion in Class T, Class S, Class D and Class I shares of common stock and $6 billion in distribution reinvestment plan shares.
Blackstone REIT launched its initial offering in August 2016 and has raised approximately $36 billion in three public offerings as of August 2021. As of August 31, 2021, the REIT had $53.4 billion of real estate investments, $6.6 billion of real estate debt investments, and $4.3 billion of investments in unconsolidated entities. As of August 2021, its aggregate NAV was $38.3 billion and it had 2.9 billion shares outstanding.