WPT Industrial REIT Closes Acquisition of Distribution and Logistics Portfolio and Offering of Subscription Receipts
Vinson & Elkins advised WPT Industrial REIT in its acquisition of a portfolio of 26 U.S. distribution and logistics properties totaling approximately nine million square feet of gross leasable area and one 85-acre land parcel for a purchase price of US$730 million (the “Acquisition”). Announced concurrently, V&E also advised WPT Industrial REIT in an agreement to sell to a syndicate of underwriters co-led by Desjardins Capital Markets, BMO Capital Markets and RBC Capital Markets, on a bought deal basis, 14,150,000 Subscription Receipts at a price of US$14.35 per Subscription Receipt for gross proceeds of approximately US$203 million (the “Offering”).
The Offering closed on February 27, 2020 and the Acquisition closed on March 26, 2020.
The Acquisition was led by corporate partner John Kupiec and real estate partner Wally Schwartz, with assistance from corporate partner Greg Cope. Also advising were senior associates Christy Mazzola, Naheem Harris and Tyler Hokanson and associates Joshua Gelnick, Elisha Lerner and Cassandra Siegel; partner David Stone, senior associate Julia Tong and associates Heather Brocksmith, Tara Tegeleci and Alice Zhang; partner Casey Hopkins and senior associate Lindsay Hall; and counsel Christie Alcalá.
Partner Chris Mangin led the tax team advising on the Acquisition and the Offering, with assistance from partners Jason McIntosh and Jim Meyer, senior associate Paige Anderson and associate Miron Klimkowski.
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