By Dave Sebastian

WPT Industrial Real Estate Investment Trust has agreed to sell itself to Blackstone Real Estate Income Trust Inc. in an all-cash transaction valued at $3.1 billion, including debt, the companies said.

At $22 per unit, the deal represents a 17.1% premium over the closing price of WPT units on Friday. WPT owns distribution and logistics properties in the U.S.

"Logistics remains one of our highest conviction themes as the sector continues to benefit from strong tailwinds driven by e-commerce," said David Levine, senior managing director at Blackstone.

The companies said they expect the deal to close in the fourth quarter.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

08-09-21 0827ET