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Investors - MARCH 30, 2021

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WPT Industrial REIT contributes $370m portfolio to new JV

by Andrea Zander

WPT Industrial Real Estate Investment Trust is to contribute a portfolio of 13 U.S. distribution and logistics properties with a value of approximately $370 million into a newly established joint venture with the Investment Management Corporation of Ontario.

Completion of the joint venture advances the REIT’s previously announced capital recycling initiative, while reducing overall leverage and increasing liquidity. The REIT will retain a majority ownership interest in the portfolio and continue to manage and operate the properties on behalf of the joint venture. The joint venture, which will hold stabilized, income-producing properties, expands the REIT’s base of recurring third-party management fee income and includes future leasing and incentive fees.

“The formation of a new stabilized joint venture represents meaningful progress on our capital recycling initiative and underscores the REIT’s ability to attract and expand our relationships with strong institu

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