TORONTO, June 2, 2016 /CNW/ – WPT Industrial Real Estate Investment Trust (the “REIT“) (TSX: WIR.U – OTCQX: WPTIF) has been advised that Alberta Investment Management Corporation (“AIMCo“) on behalf of certain of its clients has purchased an additional 4,468,085 trust units (the “Units“) of the REIT from Welsh Property Trust, LLC (“Welsh“) at a price of $11.75 per Unit (the “Unit Sale“). The Units represent approximately 16.5% of the issued and outstanding Units of the REIT (approximately 13.2% assuming all of the Class B partnership units (the “Class B Units“) of WPT Industrial, LP, the operating subsidiary of the REIT, are redeemed for Units, but otherwise on a non-diluted basis). The Units were sold pursuant to the terms of an agreement entered into between Welsh and AIMCo on January 20, 2016 in connection with Welsh’s previously-announced sale of Units to AIMCo on such date. The REIT understands that proceeds from the Unit Sale were used by Welsh to repay a portion of the previously issued note by Welsh to Almanac Realty Securities V, L.P, which note was repaid in full concurrently with closing of the Unit Sale.
After giving effect to the Unit Sale and the previously-announced transaction between AIMCo and Welsh, Welsh now owns and controls 4,112 Units, representing voting control over 0.01% of the issued and outstanding Units. Together with its ownership of 6,722,695 Class B Units, representing 100% of the outstanding Class B Units, Welsh continues to have an effective interest in the REIT of approximately 19.9% (assuming all Class B Units are redeemed for Units, but otherwise on a non-diluted basis).
After giving effect to the Unit Sale and the previously-announced transaction between AIMCo and Welsh, AIMCo now owns and controls 9,847,027 Units, representing voting control over 36.4% of the issued and outstanding Units (or an effective 29.2% interest in the REIT assuming all Class B Units are redeemed for Units, but otherwise on a non-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 to own and operate an institutional-quality portfolio of primarily industrial properties located in the United States, with a particular focus on distribution industrial real estate. WPT Industrial, LP (the REIT’s operating subsidiary) indirectly owns a portfolio of properties consisting of approximately 15.1 million square feet of gross leasable area, comprised of 46 industrial properties and two office properties located in 13 states in the United States.
About Alberta Investment Management Corporation (AIMCo)
AIMCo is one of Canada’s largest and most diversified institutional investment managers with approximately $90 billion of assets under management. AIMCo was established on January 1, 2008 with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 30 pension, endowment and government funds in the Province of Alberta.
SOURCE WPT Industrial Real Estate Investment Trust
