Canada’s WPT Industrial to collect $135 mln in underwritten public offering

Canadian real estate investment trust WPT Industrial REIT is planning to collect $135 million in the underwritten public offering of its common shares.

WPT Industrial will issue 10 million shares at $13.5 per share to a syndicate of underwriters co-led by Desjardins Capital Markets RBC Capital Markets and BMO Capital Markets on a bought deal basis. In addition, the underwriters have been granted a 30-day option to buy up to an extra 1.5 million shares.

With the new capital, WPT will acquire stabilized properties available via its proprietary joint venture pipeline, third-party acquisitions in new and existing U.S. markets, repay its existing indebtedness as well as working capital and general trust purposes.

The offering will close on or about February 25, 2019, subject to certain conditions including receipt of all necessary regulatory approvals.