WPT Industrial Real Estate Investment Trust Receives Court Approval for Arrangement with Blackstone Real Estate Income Trust

TORONTO, Oct. 13, 2021 (GLOBE NEWSWIRE) — WPT Industrial Real Estate Investment Trust (the “REIT”) (TSX: WIR.U; WIR.UN – OTCQX: WPTIF) is pleased to announce that the Supreme Court of British Columbia has issued a final order approving its previously announced plan of arrangement pursuant to which an affiliate of Blackstone Real Estate Income Trust, Inc. will acquire all of the outstanding trust units of the REIT (each, a “Unit”) through a series of transactions that will result in unitholders of the REIT (“Unitholders”) receiving US$22.00 per Unit in cash, subject to applicable withholdings (the “Transaction”).

Completion of the Transaction remains subject to the satisfaction or waiver of certain customary closing conditions. The effective date of the Transaction will be October 20, 2021, subject to the terms and conditions of the arrangement agreement, all of which have been or are expected to be satisfied by or on such date. Following completion of the Transaction, it is anticipated that the Units will be delisted from the Toronto Stock Exchange and the REIT will cease to be a reporting issuer under applicable Canadian securities law.