Blackstone to acquire WPT industrial REIT for $3.1B

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Blackstone Real Estate Income Trust, Inc. (BREIT) announced
it will acquire WPT Industrial Real Estate Investment Trust for $3.1 billion.

WPT acquires, develops, manages and owns distribution and
logistics properties across the US. It 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.

“We are very proud to enter into a transaction that delivers
unitholders a compelling premium to Net Asset Value per Unit and our all-time
high Unit price. Blackstone’s interest in acquiring and investing in the WPT
platform is a testament to the quality of our portfolio and capabilities of our
team” said Scott Frederiksen, Chief Executive Officer of WPT.

The transaction price of $22 per unit represents a 17.1
percent premium to the closing price of the units on the TSX on August 6, 2021.

“Blackstone is one of the world’s most active investors in
logistics real estate and we are very pleased to enter into a transaction with
such a highly reputable counterparty that delivers immediate value for WPT
unitholders,” added Louie DiNunzio, Chair of the WPT Special Committee.

David Levine, Senior Managing Director at Blackstone said:
“Logistics remains one of our highest conviction themes as the sector continues
to benefit from strong tailwinds driven by e-commerce. We look forward to
expanding our logistics presence across key U.S. markets with the acquisition
of this high-quality portfolio that WPT has built.”

Morgan Stanley & Co. LLC and Desjardins Capital Markets
are acting as financial advisors to WPT and Blair Franklin Capital Partners
Inc. has also provided the Special Committee with a fairness opinion in respect
of the Transaction.

Blake, Cassels & Graydon LLP and Vinson & Elkins LLP
are acting as legal counsel to WPT in connection with the Transaction and
Wildeboer Dellece is acting as independent legal counsel to the Special
Committee.

Eastdil Secured is acting as financial advisor to BREIT and
Simpson Thacher & Bartlett LLP and Goodmans LLP are acting as legal counsel
to BREIT.

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