TORONTO, June 2, 2016 /CNW/ - Welsh Property Trust, LLC ("Welsh") announced today that it has sold (the "Unit Sale") 4,468,085 trust units (the "Units") of WPT Industrial Real Estate Investment Trust (the "REIT") to Alberta Investment Management Corporation ("AIMCo"). The Units represent approximately 16.5% of the issued and outstanding Units of the REIT (approximately 13.2% assuming all of the Class B partnership units (the "Class B Units") of WPT Industrial, LP, the operating subsidiary of the REIT, are redeemed for Units, but otherwise on a non-diluted basis). The Units were sold pursuant to the terms of an agreement entered into between Welsh and AIMCo on January 20, 2016 in connection with Welsh's previously-announced sale of Units to AIMCo on such date. Proceeds from the Unit Sale were used by Welsh to repay a portion of the previously issued note by Welsh to Almanac Realty Securities V, L.P, which note was repaid in full concurrently with closing of the Unit Sale.
After giving effect to the Unit Sale and the previously-announced transaction with AIMCo, Welsh now owns and controls 4,112 Units, representing voting control over 0.01% of the issued and outstanding Units. Together with its ownership of 6,722,695 Class B Units, representing 100% of the outstanding Class B Units, Welsh continues to have an effective interest in the REIT of approximately 19.9% (assuming all Class B Units are redeemed for Units, but otherwise on a non-diluted basis).
SOURCE Welsh Property Trust, LLC
Renseignements: Further information (including a copy of the report to be filed with Canadian securities regulators in connection with this transaction) can be obtained by contacting: Scott Frederiksen, Chief Executive Officer, Welsh Property Trust, LLC, 4350 Baker Road, Suite 400, Minnetonka, Minnesota, United States, 55343, (952) 897-7737