VANCOUVER, B.C.—Less than a month after forging one 10-figure deal for industrial properties, the Blackstone Group has signed up for a second one. Blackstone Property Partners has agreed to acquire Pure Industrial Real Estate Trust (PIRET) in an all-cash transaction valued at approximately US$3 billion including the assumption of debt. Nearly one-third of the Canadian REIT's 22.7-million-square-foot portfolio is spread across key US logistics markets.

The agreement calls for Blackstone to acquire all of the outstanding trust units of PIRET for approximately US$6.50 per unit. It represents a 21% premium to the closing price of PIRET units on the Toronto Stock Exchange on Monday, the last trading day prior to the announcement of the deal; and a 22% premium to PIRET's volume-weighted average unit price on the TSX for the 30-day period ending Monday.

“We are excited to be acquiring PIRET, one of the premier Canadian industrial REITs, as a continuation of our global strategy to acquire high-quality logistics assets in key urban markets,” says Tyler Henritze, Blackstone Real Estate's head of North America acquisitions. “The management team has done an excellent job building the portfolio and we look forward to working together going forward.”