WPT Industrial Real Estate Investment Trust Completes US$100 Million Initial Public Offering

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TORONTO, April 26, 2013 /CNW/ - WPT Industrial Real Estate Investment Trust (the "REIT") (TSX: WIR.U) announced today that it has completed its initial public offering of 10,000,000 units at a price of US$10.00 per unit. The offering raised gross proceeds of US$100 million and was underwritten by a syndicate of underwriters co-led by CIBC and RBC Capital Markets. The units will begin trading on the Toronto Stock Exchange today under the symbol "WIR.U".

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 at a price of US$10.00 per unit which, if exercised in full, would increase the total gross proceeds of the offering to US$115 million.

The net proceeds of the Offering were used by the REIT, through WPT Industrial, LP (the "Partnership") (the REIT's operating subsidiary), to indirectly acquire from Welsh Property Trust, LLC ("Welsh") 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 closing, Welsh is the external asset manager and property manager of the REIT and holds an approximate 52.1% effective interest in the REIT, on a fully diluted basis, assuming all Class B partnership units of the Partnership held by Welsh are redeemed for Units (approximately 48.6% if the over-allotment option described above is exercised in full).

The REIT intends to make monthly cash distributions to its unitholders. The first cash distribution, which will be for the period from the date of closing of the offering to May 31, 2013, is expected to be paid on June 17, 2013 to unitholders of record on May 31, 2013. The amount of the first distribution will be US$0.0690 per unit. The REIT intends to make subsequent monthly distributions of US$0.0583 per unit commencing on or about July 15, 2013.

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 closing of the offering, the REIT, through the Partnership, indirectly acquired from affiliates of Welsh 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, 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 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 initial public offering and the REIT's intentions regarding the distributions 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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