Blackstone Real Estate Income Trust Inc. has agreed to acquire logistics firm WPT Industrial Real Estate Investment Trust for $3.1 billion, Markets Insider reported.
The transaction will be made all-cash and includes the assumption of debt. It is priced at $22 per unit, representing a 17.1% premium to WPT’s closing price on August 6.
Blackstone will benefit through WPT’s business, which includes managing a portfolio of 109 properties scattered across 19 states with an estimated 37.5 million square feet of gross living area.
WPT Chief Executive Scott Frederiksen welcomed the acquisition as he said it will give unitholders a “compelling premium” to net asset value per unit, and its all-time high unit price.
Blackstone has been on a shopping spree, gaining control of Simplilearn Solutions Pvt. Ltd., Sphera, Home Partners of America, and International Data Group Inc. in the last two months. BX is up 0.39%, while WPTIF is down 0.05%.