WPT Industrial to Pay $730M for Logistics Portfolio

The deal includes 26 facilities across eight states and an 85-acre parcel of developable land.
Logistics facility. Image courtesy of Marcin Jozwiak via Unsplash
Image courtesy of Marcin Jozwiak via Unsplash

Toronto-based WPT Industrial REIT has agreed to pay $730 million for a distribution and logistics portfolio in the U.S. and an 85-acre parcel in Dallas. An affiliate of Pure Industrial Real Estate Trust is selling the 26 properties totaling roughly 9 million square feet. The deal is expected to close by the end of March.

The portfolio consists of a mix of single- and multi-tenant facilities spread across eight states, with an average age of approximately 14 years and an average clear height of 31 feet. The acquisition expands the buyer’s footprint into high-barrier coastal markets and also increases the REIT’s portfolio in key distribution markets.

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Seven of the facilities are in Texas, six in Georgia, six in North Carolina, two in New Jersey and two in Illinois. The portfolio also includes a warehouse in Louisiana and another one in Florida. With this acquisition, the REIT’s total portfolio increased to roughly 32 million square feet. Additionally, WPT Industrial can build up to 1.4 million additional square feet on the 85 acres of developable land in Dallas. WPT Industrial intends to finance the acquisition with proceeds from the issuance of approximately $240 million of subscription receipts.

The Canadian trust was an active player in the country last year as well. In October, WPT closed on $142.3 million of logistics acquisitions totaling nearly 2 million square feet across Southern and Midwestern U.S.