New York-based firm buys Pure Industrial Real Estate Trust for $3.8b

Pure Industrial Real Estate Trust (TSX:AAR.UN) has been bought by a U.S. investment firm for $3.8 billion | Shutterstock

Vancouver-based Pure Industrial Real Estate Trust (PIRET) (TSX:AAR.UN) announced January 9 it has been bought by Blackstone Property Partners, a New York-based real estate investment company whose holdings include Hilton Worldwide, Logicor and Invitation Homes.

The all-cash transaction is valued at $3.8 billion, including debt, with a transaction price of $8.10 per unit – a 21% premium over the closing price on January 8 ($6.72).

The transaction, which still requires approval of two-thirds of shareholders, is expected to be completed in 2018’s second quarter.

PIRET was first established in August 2007. The company has holdings in Canada and the United States.