WPT Industrial Real Estate Investment Trust Files Final Prospectus for Initial Public Offering

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TORONTO, April 19, 2013 /CNW/ - WPT Industrial Real Estate Investment Trust (the "REIT") announced today that it has filed, and obtained a receipt for, a final prospectus for its initial public offering (the "Offering") of 10,000,000 trust units with the securities commissions or similar authorities of all provinces and territories in Canada.  The units will be issued at a price of US$10.00 per unit and are expected to provide unitholders with an initial annual yield of approximately 7.0%. The gross proceeds of the Offering will be US$100 million.

The net proceeds of the Offering will be used by the REIT in connection with the indirect acquisition from Welsh Property Trust, LLC ("Welsh") of 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 U.S., and to discharge debt including mortgages encumbering certain of the properties being acquired. Following the closing, Welsh will be the external asset manager and property manager of the REIT.  It is expected that at the time of closing Welsh will hold an approximate 52.1% effective interest in the REIT, on a fully diluted basis, assuming all Class B partnership units of WPT Industrial, LP (the "Partnership") (the REIT's operating subsidiary) to be held by Welsh are redeemed for Units (approximately 48.6% if the over-allotment option described below is exercised in full).

The offering is being underwritten by a syndicate of underwriters co-led by CIBC and RBC Capital Markets. The REIT has granted the underwriters an over-allotment option, exercisable at any time up to 30 days following the closing, to purchase up to an additional 1,500,000 units which, if exercised in full, would increase the total gross proceeds to US$115 million. The net proceeds of the over-allotment option will be contributed by the REIT to the Partnership to reduce debt, acquire additional industrial properties and/or for general trust purposes.

The Toronto Stock Exchange has conditionally approved the listing of the units under the symbol "WIR.UN", subject to the REIT fulfilling all of the listing requirements of the Toronto Stock Exchange.

The offering is expected to close on April 26, 2013, subject to customary closing conditions.

The Offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. A copy of the final prospectus containing full details of the Offering and the REIT will be available under the REIT's profile on SEDAR at www.sedar.com. Investors should read the prospectus before making an investment decision.

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 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 U.S., with a particular focus on warehouse and distribution industrial real estate. At the closing of the offering, the REIT will indirectly acquire from affiliates of Welsh Property Trust, LLC 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.

About Welsh Property Trust, LLC

Welsh, a privately held real estate investment management company, will be 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 U.S. Since 2005, Welsh and its predecessors have completed real estate transactions with an aggregate value in excess of US$1 billion, representing 20 million square feet of gross leasable area.

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 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, information concerning the proposed initial public offering, its completion and receipt of necessary approvals, the indirect acquisition of properties by the REIT, the related use of proceeds and the REIT's expectations regarding the initial annual yield to unitholders. 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. 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
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