June 27, 2017 / 7:49 PM / a month ago

BRIEF-WPT Industrial REIT announces U.S.$96 million of acquisitions and bought deal financing

2 Min Read

June 27 (Reuters) - WPT Industrial Real Estate Investment Trust:

* WPT Industrial REIT announces US$96 million of acquisitions and bought deal financing

* Both properties are being acquired free and clear of existing debt financing

* Entered into agreements to acquire two distribution properties in Oregon and Texas

* Purchase price for Portland property to be initially satisfied using draw down from revolving credit facility

* ‍REIT, Welsh Property Trust entered agreement to sell, on a bought deal basis, about 9 million units of REIT at a price of US$12.85 per unit

* Purchase price for Houston property is expected to be satisfied using proceeds from equity offering

* Purchase price for Houston property is expected to be satisfied drawing down from REIT's revolving credit facility

* Anticipates refinancing draw downs on revolving credit facility with permanent financing at future date

* Offering consists of treasury offering of 5.8 million units by REIT for gross proceeds of approximately $75 million

* Offering also consists of secondary offering of 3.1 million units by Welsh for gross proceeds of about $40 million

* Net proceeds from treasury offering will be used to repay existing indebtedness under revolving credit facility​ Source text for Eikon: Further company coverage:

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