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Goodmans Deals & Cases

This section contains brief summaries of selected significant cases and transactions.  You'll also find representative lists  - by year - of major transactions and cases where Goodmans' involvement is a matter of public record or where inclusion in the list has been authorized by our clients.

WPT Industrial Real Estate Investment Trust Completes US$114.3 Million IPO

2013

Areas Banking and Finance Law, Corporate Finance and Securities, REITs and Income Securities, Tax

Summary

Goodmans represented WPT Industrial Real Estate Investment Trust (the “REIT”) (TSX: WIR.U) in connection with the completion of an initial public offering of 10,000,000 trust units (the “Units”) of the REIT at a price of US$10.00 per Unit for gross proceeds of US$100 million (the “Offering”). The Units were sold to a syndicate of underwriters co-led by CIBC and RBC Capital Markets and included BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., National Bank Financial Inc. and Raymond James Ltd. On May 16, 2013, the underwriters exercised their over-allotment option, in part, to purchase an additional 1,430,000 Units at a price of US$10.00, increasing the total gross proceeds of the Offering to US$114.3 million.

The net proceeds of the Offering were used by the REIT, through WPT Industrial, LP (the REIT’s operating subsidiary), to indirectly acquire from Welsh Property Trust, LLC 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, and to discharge debt including mortgages encumbering certain of the properties being acquired. The REIT contributed the net proceeds of the over-allotment option to WPT Industrial, LP to reduce debt, acquire additional industrial properties and/or for general trust purposes. Following closing of the Offering, Welsh Property Trust, LLC is the external asset manager and property manager of the REIT.

The REIT was 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.