TORONTO and NEW YORK, July 31, 2018 (GLOBE NEWSWIRE) — WPT Industrial Real Estate Investment Trust (the “REIT”) (TSX:WIR.U), Canada Pension Plan Investment Board (CPPIB) and Alberta Investment Management Corporation (AIMCo) announced today that they have formed a joint venture to aggregate a portfolio of industrial properties in strategic U.S. logistics markets through a value-add and development investment strategy.
/EIN News/ — The joint venture will target investing up to US$1 billion of combined equity. CPPIB and AIMCo will each own a 45% interest in the joint venture and the REIT will own the remaining 10% interest.
“We are thrilled to partner with two premier global real estate investors that share our long-term vision for the industrial sector,” said Scott Frederiksen, Chief Executive Officer of the REIT. “We appreciate the continued confidence and support of AIMCo and look forward to building our relationship with CPPIB through the growth and success of the joint venture.”
The joint venture will invest in a diversified mix of strategic U.S. logistics markets with favourable fundamentals primarily in national hubs such as Atlanta, Chicago and Dallas, as well as in global gateway markets such as New Jersey, Los Angeles and Seattle.
“The U.S. industrial sector provides an attractive investment opportunity, driven by trends such as growth in e-commerce, as well as the evolution and modernization of global supply-chains,” said Hilary Spann, Managing Director, Head of Americas, Real Estate Investments, CPPIB. “We are pleased to be partnering with WPT and AIMCo to expand our presence in this sector.”
The REIT will manage the properties acquired by the joint venture.
“The combination of AIMCo and CPPIB’s scale and sophistication creates a long-term opportunity that will meet the needs of our clients and stakeholders,” said Micheal Dal Bello, Senior Vice President, Real Estate, AIMCo. “AIMCo looks forward to this expanding relationship with WPT in this U.S. industrial venture with CPPIB.”
About WPT Industrial REIT
AIMCo’s $13.9 billion real estate portfolio includes long term, direct investments in quality office, retail, industrial and multi-unit residential properties located in Canada’s major cities, and non-Canadian properties in markets with long term growth characteristics and supported by strong local management teams.
When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties, including that there can be no assurance that announced acquisitions will be completed and if completed on the described terms, and 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. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under “Risk Factors” in the REIT’s annual information form for the year ended December 31, 2017, 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.
For More Information:
WPT Industrial Real Estate Investment Trust:Scott Frederiksen, Chief Executive Officerwww.wptreit.com
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