/EINPresswire.com/ -- TORONTO, ONTARIO--(Marketwired - Jul 18, 2017) - Welsh Property Trust, LLC ("Welsh") announced today that it has sold (the "Secondary Offering") 3,115,000 trust units (the "Units") of WPT Industrial Real Estate Investment Trust (the "REIT") pursuant to a short form prospectus of the REIT dated July 11, 2017. The Units sold in the Secondary Offering, other than 4,112 Units already owned by Welsh, were issued to Welsh by the REIT prior to the closing of the Secondary Offering upon the redemption by Welsh of an equivalent number of Class B partnership units (the "Class B Units") of WPT Industrial, LP (the "Partnership"), the REIT's operating subsidiary. Under the terms of the agreement of limited partnership dated April 26, 2013 governing the Partnership, the Class B Units are, in all material respects, economically equivalent to the Units and redeemable for Units (on a one-for-one basis subject to customary anti-dilution adjustments) but do not have a voting interest in the REIT.

Welsh's disposition of the Units was made for investment purposes, consistent with its investment strategy. Proceeds from the Unit Sale were used by Welsh to repay a loan to Welsh by Alberta Investment Management Corporation, which loan was repaid in full concurrently with closing of the Unit Sale.

The Units were sold at a price of US$12.85 per Unit, and after deducting the underwriting commission, the total consideration was US$38,426,640.00 in cash. Based on the Bank of Canada daily exchange rate for conversion of U.S. dollars into Canadian dollars on July 17, 2018 of US$1.00 equals Cdn$1.2669, the price per Unit was Cdn$16.279665 and the total consideration was Cdn$48,682,710.22.

Prior to the Secondary Offering and redemption of the Class B Units into Units sold pursuant to the Secondary Offering, Welsh owned, directly or indirectly, or exercised control or direction over, 4,112 Units, representing approximately 0.01% of the issued and outstanding Units of the REIT, together with its ownership of 6,722,695 Class B Units, representing 100% of the outstanding Class B Units, Welsh had an effective interest in the REIT of approximately 16.3% (assuming all of the Class B Units were redeemed for Units, but otherwise on a non-diluted basis).

As a result of the Secondary Offering, Welsh now owns, directly or indirectly, or exercises control or direction over, 0 Units, representing 0.00% of the issued and outstanding Units of the REIT. Together with its ownership of 3,611,807 Class B Units, representing 100% of the outstanding Class B Units, Welsh continues to have an effective interest in the REIT of approximately 7.6% (assuming all Class B Units are redeemed for Units, but otherwise on a non-diluted basis).

Welsh's position in the REIT may be increased (whether pursuant to property acquisition transactions or otherwise) or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors or circumstances and in accordance with the provisions of applicable securities legislation.

The REIT's head office is located at Suite 4000, Commerce Court West, 199 Bay Street, Toronto, Ontario M5L 1A9. Further information (including a copy of the report to be filed with Canadian securities regulators in connection with this transaction) can be obtained by contacting:

Scott Frederiksen, Chief Executive Officer

Welsh Property Trust, LLC

3033 Excelsior Boulevard, Suite 330

Minneapolis, Minnesota 55416

(612) 800-8501