Toronto REIT buys $730m distribution and logistics portfolio
WPT Industrial REIT has acquired a portfolio of 26 U.S. distribution and logistics properties totaling approximately nine million square feet of gross leasable area (GLA) and one 85-acre land parcel for a purchase price of $730 million.
The seller was an affiliate of Pure Industrial Real Estate Trust.
The acquisition significantly increases the size and scale of WPT’s portfolio to approximately $2.3 billion, with a 39 percent increase in total GLA to approximately 32 million square feet. It expands WPT’s presence and operating platform in the high-barrier coastal markets of New Jersey, California and Florida and strengthens the REIT’s presence in other key U.S. distribution markets.
Additional property information regarding the acquisition portfolio is set out below: