BREIT’s $3.1 Billion Acquisition of WPT Industrial Real Estate Investment Trust

BREIT's $3.1 Billion Acquisition of WPT Industrial Real Estate Investment Trust

Simpson Thacher advised Blackstone Real Estate Income Trust on the transaction. Wildeboer Dellelce acted as independent legal counsel to the Special Committee of WPT’s Board of Trustees.

Blackstone Real Estate Income Trust announced the acquisition of WPT Industrial Real Estate Investment Trust in an all-cash transaction valued at US$3.1 billion. Completion of the transaction, which is currently expected to occur in the fourth quarter of 2021, is contingent upon customary closing conditions, including the approval of WPT’s unitholders.

WPT is a Canadian real estate investment trust that acquires, develops, manages and owns distribution and logistics properties located in the United States. WPT’s operating subsidiary indirectly owns or manages a portfolio of properties across 19 U.S. states consisting of approximately 37.5 million square feet of GLA and 109 properties.

Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income-focused investors. BREIT invests primarily in stabilized, income-generating U.S. commercial real estate across key property types including, multifamily, industrial, hotel, retail and office.

The Simpson Thacher team included Brian Stadler (Picture), Matt Rogers, Amy Hutchings and Hadley Nagel (M&A); Sas Mehrara, Leanne Welds, Amy Oster and Allison Moore (Real Estate); Nancy Mehlman and Ed Grais (Tax); Andrew Blau, Laura Gallo and Guanxiong Xu (Executive Compensation and Employee Benefits); Ben Wells (Funds); Adeeb Fadil (Environmental); and Kelly Karapetyan (Antitrust).

The Wildeboer Dellelce team was led by Rob Wortzman.

Involved fees earner: Andrew Blau – Simpson Thacher & Bartlett; Adeeb Fadil – Simpson Thacher & Bartlett; Laura Gallo – Simpson Thacher & Bartlett; Edward Grais – Simpson Thacher & Bartlett; Amy Hutchings – Simpson Thacher & Bartlett; Kelly Karapetyan – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Sasan Mehrara – Simpson Thacher & Bartlett; Allison Moore – Simpson Thacher & Bartlett; Hadley Nagel – Simpson Thacher & Bartlett; Amy Oster – Simpson Thacher & Bartlett; Matthew Rogers – Simpson Thacher & Bartlett; Brian Stadler – Simpson Thacher & Bartlett; Leanne Welds – Simpson Thacher & Bartlett; Benjamin Wells – Simpson Thacher & Bartlett; Guanxiong Xu – Simpson Thacher & Bartlett; Rob Wortzman – Wildeboer Dellelce LLP;

Law Firms: Simpson Thacher & Bartlett; Wildeboer Dellelce LLP;

Clients: Blackstone Real Estate Income Trust, Inc.; WPT Industrial Real Estate Investment Trust – Special Committee of Board of Trustees;

Author: Martina Bellini