WPT Industrial Real Estate Investment Trust announces closing of over-allotment option

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

TORONTO, May 16, 2013 /CNW/ - WPT Industrial Real Estate Investment Trust (the "REIT") (TSX: WIR.U) announced today the issuance of an additional 1.43 million trust units of the REIT ("Units") at a price of US$10.00 per Unit for gross proceeds of US$14.3 million. The issuance was pursuant to the previously-announced partial exercise of an over-allotment option granted to a syndicate of underwriters co-led by CIBC and RBC Capital Markets in connection with the REIT's recent initial public offering. The exercise of the over-allotment option increases the total gross proceeds of the REIT's initial public offering to US$114,300,000.

The REIT will contribute the net proceeds of the over-allotment option to WPT Industrial, LP (the REIT's operating subsidiary) to reduce debt, acquire additional industrial properties and/or for general trust purposes. Upon closing of the over-allotment option, Welsh Property Trust, LLC (the external asset and property manager of the REIT) ("Welsh") now holds an approximate 48.7% effective interest in the REIT, on a fully diluted basis, assuming all Class B partnership units of WPT Industrial, LP held by Welsh are redeemed for Units.

The securities have not been, and will not be, registered under the United States Securities Act of 1933 (the "U.S. Securities Act"), as amended, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer or sale of any securities in the United States, and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About WPT Industrial Real Estate Investment Trust

WPT Industrial Real Estate Investment Trust (the "REIT") 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 has been formed to own and operate an institutional-quality portfolio of primarily industrial properties located in the United States, with a particular focus on warehouse and distribution industrial real estate. WPT Industrial, LP (the REIT's operating subsidiary) indirectly owns a portfolio of properties consisting of approximately 8.6 million square feet of gross leasable area, comprised of 35 industrial properties and two office properties located in 12 states in the United States. Welsh Property Trust, LLC is the external asset manager and property manager of the REIT.

About Welsh Property Trust, LLC

Welsh Property Trust, LLC ("Welsh"), a privately held real estate investment management company, is the external asset manager and property manager of the REIT. The Welsh organization was founded in 1977 and has extensive experience in the acquisition, management and disposition of industrial and office real estate assets in attractive markets throughout the United States.

Forward-Looking Statements

This press release contains "forward-looking information" as defined under applicable Canadian securities law ("forward-looking information" or "forward-looking statements"). Such forward-looking information reflects the REIT's current beliefs and is based on information currently available to management of the REIT. Forward-looking statements in this press release include, but are not limited to, the use of the net proceeds of the over-allotment option. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the REIT as of the date of this press release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The REIT's estimates, beliefs and assumptions may prove to be incorrect. The REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under "Risk Factors" and "Forward-Looking Statements" in the REIT's final prospectus dated April 18, 2013, a copy of which is available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable Canadian securities law, the REIT assumes no obligation to publicly update or revise any statement, whether as a result of new information, future events or otherwise.

SOURCE: WPT Industrial Real Estate Investment Trust

Scott Frederiksen, Chair and Chief Executive Officer 
WPT Industrial Real Estate Investment Trust
Tel: [phone]
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