Blackstone is digging deeper into the industrial asset class with a newly-announced agreement that its REIT will acquire WPT Industrial REIT of Toronto for $3.1 billion.
WPT acquires, develops, manages and owns distribution and logistics properties located in the US. Its portfolio includes 109 properties across 19 US states.
"Logistics remains one of our highest conviction themes as the sector continues to benefit from strong tailwinds driven by e-commerce," said David Levine, senior managing director at Blackstone in prepared remarks. "We look forward to expanding our logistics presence across key U.S. markets with the acquisition of this high-quality portfolio that WPT has built."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
