TORONTO, May 18, 2015 /CNW/ - WPT Industrial Real Estate Investment Trust (TSX:WIR.U) (the "REIT") today announced that its Board of Trustees has formed a Special Committee to explore strategic alternatives.
The Special Committee of the Board is comprised of Robert Wolf, Sarah Kavanagh and Andrew Silberstein. The Eastdil Secured division of Wells Fargo Securities, LLC and CBRE are serving as financial advisors to the REIT and Goodmans LLP is serving as legal counsel.
There can be no assurance that this exploration process will result in any transaction. The REIT does not currently intend to disclose further developments with respect to this process, unless and until its Board approves a specific transaction or otherwise concludes the review of strategic alternatives.
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 United States, with a particular focus on warehouse and distribution industrial real estate. WPT Industrial, LP (the REIT's operating subsidiary) indirectly owns a portfolio of properties consisting of approximately 15.1 million square feet of gross leasable area, comprised of 46 industrial properties and two office properties located in 13 states within the United States. Welsh Property Trust, LLC is the external asset manager and property manager of the REIT.
This press release contains "forward-looking information" as defined under applicable Canadian securities law ("forward-looking information" or "forward-looking statements") which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to an exploration of strategic alternatives. Forward-looking statements are typically based on a number of beliefs and assumptions that, while considered reasonable by management of the REIT, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The REIT's 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. This press release is subject to the factors discussed under "Risk Factors" in the REIT's annual information form for the year ended December 31, 2014, which is available under the REIT's profile on SEDAR at www.sedar.com. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE WPT Industrial Real Estate Investment Trust
For further information: Scott Frederiksen, Chief Executive Officer, WPT Industrial Real Estate Investment Trust, Tel: (952) 897-7737, Fax: (952) 842-7737