New Stock Arbitrage — WPT Industrial REIT
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 acquires, develops, manages and owns industrial properties located in the United States, with a particular focus on warehouse and distribution industrial real estate.
The REIT announced last week that it has entered into an agreement to sell to a syndicate of underwriters co-led by Desjardins Capital Markets and RBC Capital Markets on a bought deal basis, 6,160,000 trust units of the REIT at a price of US$13.80 per unit for gross proceeds of approximately US$85,008,000. The Offering is expected to close on or about October 29, 2019.
The REIT intends to use the net proceeds from the Offering to repay existing indebtedness, including amounts drawn from the REIT’s credit facility which were used to fund the closing of the Acquisitions, as an available source of funding for the REIT’s future value-add and development investments, and for working capital and general trust purposes.