Blackstone's bid to buy WPT Industrial REIT of Toronto in the red-hot industrial REIT sector took a significant step forward last week when WPT shared that both Institutional Shareholder Services and Glass Lewis and Co. have recommended that unitholders of the REIT vote in favor of the deal.
In the $3.1 billion deal, Blackstone Real Estate Income Trust would acquire all of WPT's outstanding trust units at $22 per unit in cash. A special meeting of unitholders is scheduled for Oct. 7.
The transaction price of $22 per unit represents a 17.1% premium to the closing price of the units on the Toronto stock exchange on Aug. 6, 2021, and a 19.5% premium to WPT's 30-day volume-weighted average unit price on the Toronto stock exchange.
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