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WPT Industrial REIT to buy 13-building industrial portfolio for $226M

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WPT Industrial REIT to buy 13-building industrial portfolio for $226M

Toronto-based WPT Industrial Real Estate Investment Trust is poised to buy a portfolio of 13 industrial buildings and three land parcels across the U.S. for approximately $226 million, excluding transaction and closing costs.

Encompassing approximately 2.2 million square feet of gross leasable area, the portfolio will increase the industrial landlord's footprint in Chicago, Milwaukee and Minneapolis and mark its entry in three new markets including Los Angeles and Miami.

Pending the satisfaction of customary closing conditions, the trade is slated to close within the next 30 days, the company said March 26.

WPT plans to finance the deal using cash on hand and proceeds from its senior unsecured credit facility, the availability of which was raised to $450 million from $300 million. The maturity of the credit facility was also extended to March 2023, with an option for two six-month extensions, from June 2022.

An additional $300 million accordion feature is also part of the facility, which included a $70 million increase to WPT's unsecured revolving credit facility and a new $80 million unsecured delayed draw term loan. The delayed draw term loan will have an initial draw period of one year from the date of the amendment and mature in March 2024.