Canada’s Trudeau Backs Away From Tax Threat on Apartment Owners
The government of Justin Trudeau pulled back on a threat to hit some real estate investment trusts in Canada with a new tax regime after opposition from the industry.
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The government of Justin Trudeau pulled back on a threat to hit some real estate investment trusts in Canada with a new tax regime after opposition from the industry.
Nothing has been setting the US bond market’s direction this year more than the monthly inflation figures. This week will be no exception.
Underlying US inflation probably moderated in April for the first time in six months, offering a ray of hope that price pressures will start to ease again after a string of upside surprises.
China is set to switch off a live feed of foreign flows for stocks as early as Monday, the latest policy move to shore up confidence by removing a potential source of negative data.
China’s credit in April shrank for the first time as government bond sales slowed, while loan expansion was worse than expected in a sign of weak demand.
Aug 9, 2021
Bloomberg News
,Blackstone Real Estate Investment Trust Inc. is acquiring WPT Industrial Real Estate Investment Trust in a cash deal valued at US$3.1 billion, including debt.
BREIT, a non-public real estate investment trust, is paying US$22 per unit for Toronto-based WPT, a 17 per cent premium over the closing price on Aug. 6, according to a statement on Monday.
WPT focuses on distribution and logistics properties, a corner of commercial real estate that has drawn increasing interest from investors. The shift toward online shopping is altering supply chains and giving a boost to industrial landlords, especially those with space around major cities.
The company owns about 110 properties in the U.S., including warehouse and distribution centers in and around Atlanta, Chicago and Houston. Even before the Blackstone offer, WPT had joined this year’s rebound in real estate stocks, rising 28 per cent through Friday in Toronto, ahead of the 24 per cent gain of the S&P/TSX REIT Index.
WPT rose nearly 16 per cent to $27.37, equivalent to US$21.77 a share, in early afternoon trading in Toronto.
“Logistics remains one of our highest conviction themes as the sector continues to benefit from strong tailwinds driven by e-commerce,” David Levine, a senior managing director at Blackstone, said in a statement. “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.”