Toronto-based WPT Industrial Real Estate Investment Trust revealed that it has closed on the previously announced acquisition of a portfolio of 13 industrial buildings and three land parcels located in multiple markets in the United States totaling approximately 2.2 million square feet of gross leasable area for a purchase price of $226 million, representing a going-in capitalization rate of 5.1% and a stabilized capitalization rate of 5.3%.
According to a prepared statement, the acquisition portfolio purchase was funded with cash on hand and a draw from the REITs senior unsecured credit facility.
“We were pleased to quickly deploy the proceeds from our recent equity offering into a large portfolio that adds properties in some of the most desired logistics markets in the U.S. and enhances the overall diversification and quality of the REITs portfolio,” commented Scott Frederiksen, Chief Executive Officer.
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 Industrial, LP indirectly owns a portfolio of properties consisting of approximately 21.1 million square feet of gross leasable area, comprised of 69 industrial properties and one office property located in 16 states in the United States.