Canadian REIT Buys Off-Market US Logistics Portfolio for $730M

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TORONTO--Locally-based WPT Industrial REIT is acquiring a portfolio of 26 US distribution and logistics properties totaling nine million square feet of gross leasable area and one 85-acre land parcel for US£730 million. This was an off-market transaction. The seller is an affiliate of Pure Industrial Real Estate Trust.

The sales price represents a going-in capitalization rate of 5.5% and a stabilized capitalization rate of 5.9% The acquisition portfolio contains a mix of single-tenant and multi-tenant properties located in eight US states, expanding WPT's presence in the high-barrier coastal markets of New Jersey, California and Florida, and strengthens the REIT's presence in other key US distribution markets. The acquisition also includes 85 acres of developable land in Dallas, Texas, providing the REIT with the opportunity to construct up to 1.4 million additional square feet of GLA.

WPT Industrial REIT buys and develops industrial properties in the US, with a particular focus on warehouse and distribution industrial real estate.

As of Jan.

31, 2020, the REIT owned 76 industrial properties across 18 US states consisting of 23.1 million square feet of gross leasable area.

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