Chinese City of Chengdu Relaxes Home-Buying Rule to Revive Sales
Chengdu, a major city in the southwest China, removed home-buying curbs, joining dozens of peers in the country in an attempt to revive real estate demand and boost economic growth.
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Chengdu, a major city in the southwest China, removed home-buying curbs, joining dozens of peers in the country in an attempt to revive real estate demand and boost economic growth.
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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.”