Blackstone Real Estate Income Trust, Inc. (“BREIT”) announced that
an affiliate has completed its acquisition of WPT Industrial Real
Estate Investment Trust (TSX: WIR.U; WIR.UN) (OTCQX: WPTIF) (“WPT”)
in a series of transactions that resulted in unitholders receiving
US$22.00 per outstanding unit of WPT (collectively, “Units”)
(subject to applicable withholdings) in an all-cash transaction
valued at US$3.2 billion, including the assumption of debt (the
“Transaction”). The Units will be delisted from the Toronto Stock
Exchange at the close of business today and WPT will apply to cease
to be a reporting issuer under applicable Canadian securities law.
Following closing of the Transaction, former members of the WPT
management team will continue to do business under the name WPT
Capital Advisors, as an independently owned and operated
company.
The Transaction was announced on August 9, 2021.
For more information on the Transaction, please see the news
releases issued by WPT on August 9, 2021, September 10, 2021,
September 23, 2021, October 7, 2021 and October 13, 2021 along with
WPT’s management information circular dated September 2, 2021
prepared in connection with the Transaction, all of which are
available under WPT’s profile at www.sedar.com or WPT’s website at
www.wptreit.com.
Unitholders who have questions or require assistance with
submitting their Units in connection with the Transaction may
direct their questions to Computershare Investor Services Inc.,
which is acting as depositary in connection with the Transaction,
by phone toll-free at 1-800-564-6253 or by email at
coporateactions@computershare.com.
Advisors Morgan Stanley & Co. LLC and
Desjardins Capital Markets acted as financial advisors to WPT and
Blair Franklin Capital Partners Inc. also provided the Special
Committee with a fairness opinion in respect of the
Transaction.
Blake, Cassels & Graydon LLP and Vinson & Elkins LLP
acted as legal counsel to WPT in connection with the Transaction
and Wildeboer Dellelce LLP acted as independent legal counsel to
the Special Committee.
Eastdil Secured, Goldman Sachs & Co. LLC, BofA Securities
and BMO Capital Markets acted as financial advisors to BREIT and
Simpson Thacher & Bartlett LLP and Goodmans LLP acted as legal
counsel to BREIT.
About Blackstone Real Estate Income
Trust Blackstone Real Estate Income Trust, Inc. (BREIT) is
a perpetual-life, institutional quality real estate investment
platform that brings private real estate to income focused
investors. BREIT invests primarily in stabilized, income-generating
U.S. commercial real estate across key property types and to a
lesser extent in real estate debt investments. BREIT is externally
managed by a subsidiary of Blackstone (NYSE: BX), a global leader
in real estate investing. Blackstone’s real estate business was
founded in 1991 and has approximately $208 billion in investor
capital under management. Further information is available at
www.breit.com.
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. WPT acquires, develops, manages and owns distribution
and logistics properties located in the United States. WPT
Industrial, LP (WPT’s operating subsidiary) indirectly owns or
manages a portfolio of properties across 19 U.S. states consisting
of approximately 38.0 million square feet of GLA and 112
properties.
Forward-Looking InformationCertain statements
contained in this news release may constitute forward-looking
information within the meaning of applicable Canadian securities
laws. Forward-looking information is often, but not always,
identified by the use of words such as “anticipate”, “plan”,
“expect”, “may”, “will”, “intend”, “should”, and similar
expressions. This information involves known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information. Forward looking information in this
news release includes, but is not limited to, statements relating
to the delisting of Units following closing of the Transaction and
the expectation that WPT will cease to be a reporting issuer
following closing of the Transaction.
Although WPT believes that the expectations and assumptions on
which the forward-looking information contained in this news
release is based are reasonable, undue reliance should not be
placed on the forward-looking information because WPT can give no
assurance that it will prove to be correct. Since forward-looking
information addresses future events and conditions, by its very
nature it involves inherent risks and uncertainties. Actual results
could differ materially from those currently anticipated due to a
number of factors and risks.
The forward-looking information contained in this news release
represents WPT’s expectations as of the date hereof, and is subject
to change after such date. WPT disclaims any intention or
obligation to update or revise any forward-looking information
whether as a result of new information, future events or otherwise,
except as required under applicable Canadian securities laws.
Forward-Looking StatementsCertain information
contained in this communication constitutes “forward-looking
statements” within the meaning of the federal securities laws and
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by the use of forward
looking terminology, such as “outlook,” “indicator,” “believes,”
“expects,” “potential,” “continues,” “may,” “will,” “should,”
“seeks,” “approximately,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates”, “confident,” “conviction,” “identified”
or the negative versions of these words or other comparable words
thereof. These may include financial projections and estimates and
their underlying assumptions, statements about plans, objectives
and expectations with respect to future operations, statements
regarding future performance and statements regarding identified
but not yet closed acquisitions. Such forward-looking statements
are inherently uncertain and there are or may be important factors
that could cause actual outcomes or results to differ materially
from those indicated in such statements. These factors include, but
are not limited to, those described under the section entitled
“Risk Factors” in BREIT’s prospectus, and any such updated factors
included in its periodic filings with the Securities and Exchange
Commission (the “SEC”), which are accessible on the SEC’s website
at www.sec.gov. These factors should not be construed as exhaustive
and should be read in conjunction with the other cautionary
statements that are included in this document (or BREIT’s
prospectus and other filings). Except as otherwise required by
federal securities laws, BREIT undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future developments or otherwise.
For more information, please contact:
Blackstone Media ContactJeffrey Kauth(212)
583-5395Jeffrey.Kauth@Blackstone.com
Scott Frederiksen, Chief Executive OfficerMatt Cimino, Chief
Operating OfficerTel: (612) 800-8530IR@wptreit.com
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