WPT Industrial REIT announces US$15 million private placement
On June 28, 2016, WPT Industrial Real Estate Investment Trust (the "REIT") announced that Alberta Investment Management Corporation ("AIMCo") intends to purchase 1,357,467 units of the REIT at a price of US$11.05 per unit, on a non-brokered private placement basis for gross proceeds to the REIT of approximately US$15 million. The private placement will be made in connection with a concurrent bought deal public offering underwritten by a syndicate of underwriters, co-led by Desjardins Securities Inc., CIBC Capital Markets and RBC Dominion Securities Inc., for gross proceeds to the REIT of approximately US$60 million. As part of the offering, that is expected to close on July 19, 2016, the REIT granted the underwriters an option exercisable for a period of 30 days following the closing of the public offering, to purchase up to an additional 814,485 units of the REIT to cover over-allotments, if any. To the extent the over-allotment option is exercised, AIMCo will also have the option to purchase, on a non-brokered private placement basis, up to 203,620 additional units of the REIT.
AIMCo currently holds an approximate 29.2% interest in the REIT, and after giving effect to the offering and the concurrent private placement, AIMCo's interest in the REIT will be approximately 27.6%.
WPT Industrial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust that owns and operates an institutional-quality portfolio of primarily industrial properties located in the United States, with a particular focus on warehouse and distribution industrial real estate.
AIMCo is one of Canada's largest and most diversified institutional investment managers with approximately C$90 billion of assets under management.
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